Inflation has slowed in recent months but remains extremely high, particularly for certain household items such as eggs and flour.
Other product price increases, on the other hand, have not only slowed but have completely reversed, providing much-needed relief to buyers, according to government data released this week.
Used cars, for example, are roughly 10% less expensive than they were a year ago. According to the data, the price of bacon has dropped by 4% in that time.
Nonetheless, the overall price increase can be traced back to pandemic-induced supply bottlenecks, which made it more difficult to obtain a variety of goods, including necessities such as gas and food.
Meanwhile, COVID drove billions of people indoors, shifting demand away from concert tickets and restaurant meals and toward the specific goods that were in short supply. According to experts, the Russia-Ukraine conflict has exacerbated shortages and driven up prices.
Some price drops indicate an improvement in the dynamics underlying inflation, but many items reveal a unique dynamic at work in a niche of the economy with little connection to broader economic headwinds, according to experts.