(NEXSTAR) – Inflation once again dropped a bit last month – though you may not notice it in the grocery store aisles or on restaurant menus.
The latest data on consumer inflation showed that prices in some areas — services such as rents, restaurants and auto insurance — continued to rise uncomfortably fast. But in other areas, prices have actually dropped substantially since last year.
A detailed breakdown of prices from the Bureau of Labor Statistics, shows one of the biggest year-over-year price drops is fuel. Fuel oil is about 25% cheaper now than it was last year, and gas prices at the pump are about 10% down. Utility gas service, piped into homes and apartments is also about 10% cheaper.
Another commodity that’s seen a big price drop: eggs. The grocery staple was expensive all through 2022 because of a devastating nationwide bird flu outbreak, but prices have now dropped 22% since November of last year.
Food prices overall are up about 3% since last year, but just a few items got cheaper. Apples are 6% less expensive and lettuce is 10% lower.
Some bigger ticket items are also getting more affordable, the federal data shows. Major appliance prices are down 10%, and laundry equipment specifically is 12% cheaper. Television prices have also dropped about 10%. The prices of these types of durable goods have normalized, Business Insider reports, after the pandemic and supply chain issues sent prices skyrocketing.
When it comes to travel, car rentals are 10% cheaper this year, and airline fares are 12% lower.
The biggest price drop on the list of expenses tracked by the BLS was for health insurance. During open enrollment last month, insurance prices were down 30% compared to last year.
Even with some prices dropping, most are still going up. Overall, Tuesday’s report from the Labor Department said the consumer price index rose just 0.1% from October to November. Compared with a year earlier, prices were up 3.1% in November, down from a 3.2% year-over-year rise in October.
The stickiness of inflation in the economy’s service sector will likely keep the Federal Reserve on guard against inflation as it meets this week. Fed Chair Jerome Powell has been scrutinizing such costs as a guide to whether underlying inflationary trends are cooling.
Inflation remains above the Fed’s 2% target. And while Powell has expressed optimism about slowing inflation, he said earlier this month that it was “premature” to assume that the Fed was done raising its benchmark interest rate or to speculate about rate cuts, which many on Wall Street expect as early as spring.
The Associated Press contributed to this report.