Inflation is falling, but prices for some things are not

(WHTM) – Good news on the inflation front: July numbers show inflation easing to just 2.9%, but we reviewed those numbers and found some areas where prices are still rising.

Annual inflation was below three percent in July for the first time in three years. That's much better than it's been since before COVID hit, but it might not feel that way if you've just received a letter renewing your insurance.

“The cost went up by almost $900 over the next six months. I really thought this was a mistake,” Rebecca Long told us last month. She has to cancel some insurance policies because car insurance has become a whopping 18% more expensive this year.

So where do we take a break?

• Food prices: increase of only 1% compared to the previous year.

• Energy prices: also only increased by 1%.

• New cars: minus 2%.

• And used car prices have seen one of their sharpest declines, down 10% since last summer.

But from a “isn’t that bad” perspective, why doesn’t it feel like inflation is abating?

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That's because food prices have risen 20% over the past three years, not decreased. Additionally, concert and sporting event tickets have increased 9% since last year, and rents have increased 5%.

Even though the recovery is over, consumers are still under pressure.

Inflation may have fallen, but it is far from over and some things will continue to cost more, so don't waste your money.

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