Mobile phone costs will drop 2.4% this year

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Mobile phone prices will fall 2.2% this fiscal year, with the cost of prepaid cell phone service falling 7.4%, according to a report by consulting firm IHS Markit.

The cost of Metro cell phone services will drop 4.2%, according the report.

The average monthly charge for prepaid cell service dropped 2.6% in the fiscal year that ended Sept. 30.

That’s the lowest percentage in three years.

The median price for Metro cell phones dropped 7.3% this quarter, down from 6.5% in Q2 2017.