(WETM) – We’ve heard it over and over and over again: everything’s so expensive. Inflation is seemingly inescapable with food, housing, and medical prices through the roof over the last year.
But while many goods and services are costing more and more, other prices have actually gone down over time, as shown in a graphic from the organization Visual Capitalist. The company says it works to make large-scale, global topics like the economy and technology understandable through visualizations.
According to that graph, not every product is seeing the same price hikes. Since the year 2000, products like TVs, toys, softwares, and other technology have actually decreased in price. Big, flatscreen TVs used to be an expensive luxury, costing upward of 17% of median income, the graph showed; today, it’s down to around 1%.
But, of course, we know that tale isn’t true for everything.
The graph showed that other important goods and services have skyrocketed in cost over the last 23 years. These include healthcare and medical expenses, college tuition and textbooks, childcare, and food. This report showed that tuition and textbooks have jumped over 150% in price since 2000.
And after the intense, inflation-ridden year of 2022, reports in early 2023 showed that there is some (even if small) relief for customers. In January 2023, the U.S. Bureau of Labor Statistics reported that inflation fell for the sixth month in a row.
Data from the BLS showed that from this time in 2022 till now, most products are more expensive. But others aren’t.
For example, car parts fell 11% in price from Jan. 2022 to Jan 2023; smartphones dropped almost 24%; and some women’s clothing fell 4%.
Still, prices are high in general, and wallets remain pinched. With some pushing back against the climbing costs, and the Federal Reserve continuing to hike interest rates, the fight against the inflationary powers that be is going to be a slow one.