Price Changes Since 1996

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The above graphic displays price changes for various items over the last 20 years – 1996 through 2016. Overall inflation was 55% over the period (about 2.7% annually not factoring compounding). What is striking is how much technology prices have fallen while medical and tuition cost have soared well over inflation rates. Tuition costs have increased on average at 3.7 times the rate of inflation and medical costs at about 2 times inflation. Meanwhile, various technologies as decreased in relative cost. As overall prices have increased annually at around 2.7%, Wireless Service has decreased in price by 2.3% per year, Software is down 3.3% per year, and TV’s are down 4.8% per year. Housing and Food costs have remained on par with inflation year by year.