PREVIEW

How US Consumers Are Pushing Back Against Inflation. Americans are fighting back against inflation with their shopping habits and are successfully bringing down prices. The Associated Press reports that since prices rose about 19% on average since the pandemic. shoppers’ frustration with high prices has led many economists to believe that inflation should further ease. At grocery stores, consumers are buying cheaper store-brand items over brand names. Used car sales have risen and Americans are buying less new cars. Large food companies have responded by significantly slowing down their price increases from their peak over the past three years. While this does not mean that prices will return to levels around 2020, essentials like eggs and milk are below their peak prices. Even though there has been a decline in inflation, consumers are still upset with the remaining high prices that began sharply rising in 2021. The Associated Press reports that economists believe this era of inflation should be different from the price increases of the 1970s and 1980s, which took much longer to come down. Consumers sometimes develop a habit where they buy more before costs rise, perpetuating inflation. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT