Inflation is an economic phenomenon that denotes a general increase in prices and fall in the purchasing value of money. In an economy where the cost of living seems to rise perpetually, it’s refreshing to encounter items that are, surprisingly, becoming more affordable.
Yes, you read that right. Amidst the customary narrative of skyrocketing costs, certain goods and services are bucking the trend.
This piece highlights 12 things that are getting cheaper, providing a silver lining in the oft-lamented inflation cloud. Explore where our wallets might be able to breathe a little easier!
Electronic Goods
As technology evolves, the cost of electronics such as laptops, mobile phones, and televisions has steadily declined.
For instance, the global average selling price of smartphones has fallen from 336.8 U.S. dollars in 2010 to 276.20 U.S. dollars in 2015. And the future promises more decrease.
Solar Power
The cost of solar power has plummeted over the past decade. Data from the International Renewable Energy Agency (IRENA) reveals that solar PV module prices have fallen by around 90% since the end of 2009.
LED Light Bulbs
LED pricing has dropped drastically over the past years. Since 2008, LED prices have plummeted by a staggering 94% (U.S. Department of Energy, 2016b). And guess what? You can now snag a 60-watt equivalent LED lightbulb for a mere $2!
Not only that, but these energy-efficient bad boys consume 85% less electricity than incandescent bulbs, resulting in substantial savings on your operating costs. It’s time to switch and brighten your life while keeping your wallet happy! 💡💰
Online Education
With the rise of online platforms, education is becoming more affordable. Many top universities offer free online courses, reducing the cost of education substantially compared to traditional college degrees.
International Calls
Thanks to applications like Skype, WhatsApp, and Zoom, international calling is virtually free, a stark contrast to the high rates of the past.
Data Storage
The cost of digital storage has been reduced dramatically. Over the years, the average price per gigabyte has taken a remarkable nosedive.
From a whopping $0.114 back in 2009, it has plummeted to a mere $0.014 as of November 2022. Talk about a major price drop!
Genome Sequencing
Did you know that sequencing the first human genome was a staggering $3 billion, now costing approximately $600? That’s right, billions of dollars were invested in unraveling the mysteries of our genetic code.
According to Genomize, Genome sequencing costs keep plummeting thanks to technological advancements, fierce market competition, economic scalability, and fresh players with groundbreaking approaches.
E-books
Digital books are generally cheaper than their physical counterparts. Data from the American Association of Publishers indicates a continuous decrease in the average price of e-books.
Travel
The cost of air travel has seen a large reduction over the years. According to the Bureau of Transportation Statistics, average domestic airfares have drastically dropped.
Music
The advent of music streaming services like Spotify and Apple Music has made music more affordable than ever, with unlimited access to millions of songs for a monthly subscription fee.
Photography
Digital photography has significantly lowered the costs compared to traditional film. The decline is due to cheaper cameras, the absence of film expenses, and free image storing and sharing platforms.
Electric Vehicles
The cost of electric cars is dropping, making them increasingly competitive with combustion engine cars. Bloomberg New Energy Finance forecasts electric vehicle prices will be on par with combustion vehicles by 2025.
Experts Explain Hyperinflation and 8 Ways to Prepare and Protect Your Money
Imagine a world where money is worth practically nothing, and the costs of goods increase rapidly, doubling and tripling daily. This situation might sound like a fictitious movie plot, but it has happened many times before in our world. It’s called hyperinflation, and it can wreak economic devastation on people.
Experts Explain Hyperinflation and 8 Ways to Prepare and Protect Your Money
