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Move ahead six months, to June 2022, however, and steak prices at the grocery store are down for the previous 12 months, albeit very modestly. Steak prices fell 0.3 percent the 12 months
ended June. What has changed? Corn prices have fallen since March, and beef cattle eat lots of corn. And some meat processing companies have been feeling political heat for the sharp price
increases. President Biden, in his State of the Union speech on March 1, noted that 85 percent of the nation’s meat supply comes from just four companies. Those companies appear to be doing
quite well. Tyson Foods, for example, saw its 12-month profit jump 74 percent in the second quarter of 2022. 3. TELEVISIONS E+ / Getty Images Falling prices on televisions should warm
Federal Reserve Chairman Jerome Powell’s heart. The Fed again raised short-term interest rates on July 27 to slow the economy and drive down inflation. When the economy slows, people spend
less, which reduces demand — and prices. COVID-19 lockdowns in China pushed prices up in 2021, but flat-panel prices have fallen as Chinese ports reopen and the supply of TVs increases,
according to industry website TechRadar. When prices are rising and the economy looks iffy, buying a new 65-inch TV for the living room doesn’t seem like a great idea. So the supply of TVs
is up and demand is down, which means that a new set costs less. Television prices fell 2.3 percent in June from May, reports the Bureau of Labor Statistics (BLS), following a 3 percent
decline in May from April. In the past 12 months, the price of a new TV has fallen 12.7 percent. 4. SMARTPHONES Do you remember the early cellular phones, which were the size (and weight) of
a brick, made hugely expensive calls and had no other features? Sure you do. Today’s smartphones are basically small computers with a voice feature. You can take pictures with your phone
and get turn-by-turn directions if you decide to shuffle off to Buffalo. BLS economists realize that today’s smartphones aren’t cheap, but they give you a whole lot more for your money than
the brick phones of yore. Think of it this way: Your phone may cost $800, but you don’t have to buy a camera, an atlas or, for that matter, a computer. Adjusted for greater functionality,
the BLS reckons that smartphone prices have fallen 20 percent in the past 12 months.