Here’s what you need to know. Between 2000 and 2017, the price of food went up by 41%, according to the BEA. The price of Internet access fell by 21%. Which change is more harmful to consumers?
Oh, yes, and food at home accounts for 6% of household spending, while Internet access accounts for 0.6%.
It’s worth noting that while the tech/telecom/ecommerce sector has been cutting prices since 2000, a wide variety of sectors have boosted prices sharply. Since 2000, the price of private sector higher education has gone up by 148%; the price of consumer financial services has gone up by 69%; the price of motor vehicle insurance has gone up by 67%; housing rents have gone up by 65%; the price of eating out has gone up by 60%; and so forth.