It’s more complicated than that. Electronics and appliances are the obvious examples of things that have inflated much slower than average (or even deflated). Apparel and tools have inflated much slower. Energy generally has inflated much slower than average, but has shown a ton of volatility. Food and cars have inflated slower than average, but individual items might have followed their own path. Healthcare, education, and housing have gone up much faster than average inflation.
And the ratios don’t stay consistent over time. When I was a kid, burger meat was cheaper than similarly sized chicken breasts. Now the ratio is flipped. A plane ticket between New York and London is much cheaper today than in the 70’s. Even a tank of gas for driving from one state to another is way cheaper today than in the 70’s, in large part because of better fuel efficiency.
And anything labor intensive is inherently at tension with itself. A seamstress or tailor can only make so many items of clothing per week. Those clothes will have to cost enough to justify their pay, and the raw ingredient textiles used to make the garments. So if their pay hasn’t kept up with inflation, then the labor-intensive items they make probably haven’t kept up with inflation, either. Ideally, increased productivity would allow raises to not be absorbed into the price of whatever is being produced, but that doesn’t always happen.
Looking at old menus and catalogs shows that some things have gone up a lot in price, while others didn’t experience the same effect.
It’s more complicated than that. Electronics and appliances are the obvious examples of things that have inflated much slower than average (or even deflated). Apparel and tools have inflated much slower. Energy generally has inflated much slower than average, but has shown a ton of volatility. Food and cars have inflated slower than average, but individual items might have followed their own path. Healthcare, education, and housing have gone up much faster than average inflation.
And the ratios don’t stay consistent over time. When I was a kid, burger meat was cheaper than similarly sized chicken breasts. Now the ratio is flipped. A plane ticket between New York and London is much cheaper today than in the 70’s. Even a tank of gas for driving from one state to another is way cheaper today than in the 70’s, in large part because of better fuel efficiency.
And anything labor intensive is inherently at tension with itself. A seamstress or tailor can only make so many items of clothing per week. Those clothes will have to cost enough to justify their pay, and the raw ingredient textiles used to make the garments. So if their pay hasn’t kept up with inflation, then the labor-intensive items they make probably haven’t kept up with inflation, either. Ideally, increased productivity would allow raises to not be absorbed into the price of whatever is being produced, but that doesn’t always happen.
Looking at old menus and catalogs shows that some things have gone up a lot in price, while others didn’t experience the same effect.