I think is can be fun to compare how much inflation or other costs of goods and services tend to increase over time.
I’m at an age where I can recall 20, or even 30 years ago to first handily make these comparison sometimes. Sometimes it’s funny, sometimes it’s sad. However I certainly find it interesting to see how it costs how much now!
I recently came across an article over at AARP, yes I’m a member, and thought we’d take a stroll down memory lane. Prices are up over 125% from 1990 to 2022 on average!
1990 was a killer year. We had some of best albums drop from bands like Anthrax, Slayer, Megadeth, Judas Priest, Pantera and Annihilator!
Fuel Pumping Engines
One of the first things that our kids haven’t experienced was pooling together you and your friends loose change to buy gas for your car. Back when I was 16 years old, the average price per gallon of regular unleaded was under one dollar! Yes. If you wanted to drive to a buddies house, we’d collectively come up with three or four dollars to make it there. If we wanted to drive to Taco Bell or in some cases just drive around. Back then, just driving around was a kind of entertainment. We sometimes would end up at the Pizza Factory, or another friends house to play Sega. We can’t get very far these days on three dollars of gas.
When my dad purchased our first home in 1985, the interest rates were around 12% and paid around $70k. The price of the median home has skyrocketed from 1990 to 2022. From $126k to $440k That’s a 214% increase!
All Your Eggs in One Basket.
Recently Eggs have been taking the headlines and social media memes by storm with eggs over eight or nine dollars depending where you live. This recent looked at the average price for a dozen eggs in 1990 was around ninety cents, compared to about $3.00 in November of 2022. Now that 97% increase is a Crack in the Egg!
Stopped for a 502
If we look at the cost of a new car in 1990, you could scoop up a two-door Ford Mustang for around $9,500! And, can I just say that model year was one of the ugliest style of car ever to roll off an assembly line. If we look at the base model Ford Mustang at the end of 2022, you’d have to pay over 183% more, or $27,000!
Be Chrool To Your Scuel
If we compare the cost of education it blows your mind. The cost of an average four-year school, including tuition, fees and room and board you’d be shelling out around $7,200 back in 1990. Whereas by the end 2022, this same schooling would be around $39,000! In other words over 300% more WTH! I’ve talked before if college is the right choice for some people.
Take Me Out To The Ballgame.
Let’s say you are baseball fan. And let’s say your favorite team is the Yankees. You’d go catch a game at Yankee stadium back in 1990 for about twelve bucks for a box seat. Not too bad for an afternoon at the ball park. Well, fast forward to 2022, and it would now cost you 2108% more, or about $265 per seat!
Over time there are advancements in technology, production, as well as other efficiencies. We also need to mention product demand and overall availability of products. Not everything bloats in price because of inflation.
Take televisions for example. TVs have constantly dropped approximately 11% a year. While you’d spend aver $2,000 and breaking your back lifting a 36” TV back in 1990, whereas TVs are now about 75% less expensive than they were. We are now able to snag the average 55” smart tv for around $550 in November of 2022.