By james art The economy is humming, inflation is cooling, Americans are well employed, but people still haven’t realized how much higher prices are today than they were in 2020. The Wall Street Journal reports.
People are finding it disturbing that price tags don’t look like they did before inflation took off during the pandemic, reaching its highest level in four decades. Although price growth has cooled, prices themselves are not falling lower.
While economists and Federal Reserve policymakers think the economy is in good shape, consumers aren’t in such upbeat spirits as they face painfully high and sometimes rising prices for expensive items, including housing, cars, child care and insurance.
Many are also struggling to keep up with the pace of price increases or have been forced to make painful adjustments to keep up. In a fresh sign of tensions, a Fed report on Wednesday noted some signs that Americans are turning to cheaper purchases.
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