You may not have noticed your big-ticket purchases are getting cheaper

The prices of used cars and many other durable goods have fallen over the past two years.

The prices of many goods are falling.

But you may not have noticed unless you’ve made a big-ticket purchase in the past year.

The consumer price index rose by 2.5% year over year from August 2023 to this August, a drop from July’s 2.9% rate. But prices of durable goods like furniture and used cars actually fell — and they’ve been falling for two years.

Furniture prices, for example, are down by 5.1% year over year, with larger declines for living-room, kitchen, and dining-room furniture. Appliances like laundry equipment are down by 3.2%, while items such as lamps and clocks are 2.1% less expensive.

Overall, apparel is up by 0.3%, though men’s apparel has fallen by 0.8%. Shoes, jewelry, and watches have also fallen slightly.

Transportation costs are 4.4% lower this year compared with last year, with prices of new vehicles down by 1.2%. Prices of used cars and trucks — which skyrocketed in June 2021, peaking at a whopping 45.2% inflation rate — are down by 10.4% year over year and by 20.2% since February 2022. Vehicle parts and tires have also fallen slightly.

In addition, the prices of many of America’s favorite pastimes have fallen. Prices of video and audio products are 2.5% lower, while televisions are down by 5.6%. Sporting-goods prices have declined by 2.3%, while toys and games have fallen by 3.2%. However, photography equipment has shot up by 14.7%, while books are also up.

Many Americans may not have noticed the steeper declines over the past two years, given that they infrequently purchase items like a couch, a cellphone, or a car. A decline in the prices of these things might mean little when everyday necessities like groceries and rent continue ticking up.

Overall inflation remains elevated largely because of housing costs, with the CPI shelter index up by 5.2% over the year. Insurance, medical costs, and recreational activities like movies and sporting events have also gotten more expensive.

With an election less than two months away, many Americans are still concerned about inflation for essentials. Consumer sentiment is slowly elevating, though there exists a consumer-sentiment gap between wealthier stock-owning households and less wealthy Americans worried about retirement or their ability to put food on the table.