Here's an uncomfortable truth about rising prices: for most goods, what goes up rarely comes back down.
Events like wars, oil shocks, tariffs, and drought can send costs soaring. But even when those pressures fade, prices don't always fall back.
"Waiting to make a big purchase frequently is not the best strategy because there's absolutely no guarantee," said Katie Klingensmith, chief investment strategist with Edelman Financial Engines. "History would suggest that items don't come down."
Inflation peaked at 9.1% in June 2022. Last month, it was 4.2%, and in April 2025, it got as low as 2.3%.
But look at the price of milk during that same period. In June 2022, milk averaged $4.15 per gallon. Last month, it averaged $4.22. Inflation may have cooled, but consumers are still paying more.
"We may see inflation slow down so that prices don't go up as quickly as before, but they rarely go down on average," Klingensmith explained.
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There are times when prices do go down. Eggs are nearly half what they cost one year ago. Gas prices, which spiked at the start of the war with Iran, are slowly falling.
Tech is another example.
"Technology is constantly evolving, and we had to pay a lot more for a much less advanced iPhone 10 years ago," Klingensmith said. "Would you rather have not had an iPhone for 10 years because you could anticipate that in a year's time you'd have a better one for potentially less money?"
It might sound counterintuitive, but keeping prices from falling is actually part of the Federal Reserve's job. The Fed sets policy to keep the economy stable. If too many people wait for prices to drop, companies see lower profits, make cuts, and that can lead to layoffs.
"The Federal Reserve and other governments don't like to see prices go down because then people actually do wait to buy things and they don't buy as much. And that's not good for the economy overall," Klingensmith said.
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Experts say the answer isn't draining your savings and spending wildly — it's about knowing how to plan, budget, save, and invest.
"To be able to retire or save for college or save for that second home in spite of all sorts of adversity, such as rising prices," Klingensmith said.
