Despite an overall increase in prices, here are five purchases that are still cheaper than last year.

The cost of frequently bought items like groceries and diapers seems to be continually increasing.

With inflation decreasing over the past year, some items have become cheaper. The discounts are a welcome relief for Americans who have experienced a 17% increase in the cost of goods and services over the past three years, as measured by the consumer price index.

The year-over-year inflation rate is still above the Federal Reserve's target, but price decreases indicate that costs are moving in the right direction. Here are the most significant discounts in the past year, expressed as percentages.

Used cars and trucks: -9.3%

In 2021, used cars and trucks exemplified pandemic-related inflation, with prices increasing by 40.5%, as indicated by CPI data. Since then, prices have been steadily declining over the past two years.

The increase in prices is largely due to a shortage of used cars on the market, which is basically the opposite of what happened during the Covid-19 pandemic. A used car worth $25,000 in 2023 would now sell for $27,325 — a $2,325 premium, based on CPI data.

Dishes and flatware: -8.1%

The reduced cost of dishes and flatware may be due to fewer homes being sold, as people tend to upgrade their kitchen supplies when they move.

Dishware is relatively easy to produce, resulting in a high number of competitors. Many of these competitors have lowered their prices in the past year, making it common to see big retail chains offering dinnerware sets during clearance sales.

Televisions: -6.6%

Over the past 12 months, TV prices have been decreasing, with a 11.5% year-over-year drop as of May 2023. This trend reflects the long-term decline in TV production costs.

Revenue generation from data collection through "Smart TV" interfaces enables manufacturers to lower TV prices.

Major appliances: -6.2%

In 2024, expect to find good deals on ovens, fridges, freezers, dishwashers and other large appliances, as prices have dropped 3.5% so far, following a 7.3% decline in 2023. Over the past 12 months, major appliance costs have declined 6.2%.

Due to several factors, including reduced factory efficiencies, competitive industry, and a slowdown in the housing market, major appliance manufacturers can easily discount their products.

Airline fares: -5.9%

The cost of flights increased by 25% in 2022 due to increased travel demand and high fuel prices, but prices have since decreased somewhat.

Cheaper fuel prices have contributed to a decrease in overall flight costs, as well as reduced business travel, increased flight capacity, and moderating demand for flights compared to 2022. To become a successful and confident communicator, consider taking CNBC's new online course, "Become an Effective Communicator: Master Public Speaking." The course will teach you how to speak clearly and confidently, calm your nerves, what to say and not say, and body language techniques to make a great first impression. Sign up now and use code EARLYBIRD for an introductory discount of 30% off through July 10, 2024.

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