Electric appliances are now cheaper than they have ever been, with the average price of a new electric appliance dropping by a third in the past year.
The rise in prices is down to a combination of a lower cost of production and cheaper fuel.
The cost of a typical home electric appliance has fallen by a fourth in the last year, according to the National Electric Manufacturers Association (NEMA).
However, there is still a lot of variation across brands, with many brands having dropped prices by a lot in recent years.
Electric appliances have been a significant part of the consumer’s lives for years, but the price is expected to fall further.
This means consumers are paying more to save for their electricity needs.
The latest figures from the Consumer Prices Index (CPI) show that the average UK home has lost 2.9p per year to inflation since 2010, a drop of more than £200.
In Ireland, the price of electricity has dropped by more than 40p over the past two years, with an average price per kilowatt hour of electricity falling by 2.4p.
In the US, prices have fallen by more like 5.4 per cent a year, the CPI figures show.