U.S consumer prices have been rising solidly, according to economist Mark Perry, who created a chart of price changes over selected goods from January 1998 to December 2018. Out of the many price changes in his research, he found a significant price difference between hospital services and TVs over the last 20 years.
For the past two decades, the Consumer Price Index (CPI) for items such as college textbooks, children, and housing has increased by 56.0%. One, in particular, that has raised more than the average inflation is hospital services, which saw an increase of 211%. At the same time, the CPI for cars, cell phone service, and computer software have declined since 1998 as these items are turning to become more affordable with the mass production of such technologies. TVs, which have the highest CPI reduction in Perry’s research, showed a 97% decrease in its price.
From the statistics, it can be deduced that prices of goods and services which have increased are the necessities that people need, while prices of goods and services that have decreased and became more affordable are the necessities that people want. This also shows that products and services from the monopolized industries which are subject to more government regulation are offering higher prices than the goods that are from less regulated and competitive industries.