According to a recent report from the Bureau of Labor Statistics, the price of the average consumer good increased by 1.9 percent over the year of 2018. The previous two years each hand an increase of 2.1 percent in the consumer price index.
Price of consumer goods are always expected to rise each year along with inflation. However, the fact that last year’s increase was slower than the year before is a sign that price increases are decelerating. This is good news for all consumers, however, price changes aren’t consistent across all products.
The report indicated that car insurance increased the most in price, by 4.6 percent, followed closely behind by hospital services and smoking products. On the flipside, average prices for airline fares, communication, and prescription drugs decreased.