Why Americans are still feeling squeezed even as inflation eases
While the cost of key goods and services has stabilized, prices at grocery stores, restaurants and the gas pump are still much higher than they were before Covid-19 rocked the economy. | Brandon Bell/Getty ImagesThe battle against inflation is at the forefront of President Joe Biden’s economic messaging, but while prices have fallen from their four-decade highs, Americans are still feeling pinched.
Americans give more weight to their ability to stretch their income than to federal data on inflation. While the cost of key goods and services has stabilized, prices at grocery stores, restaurants and the gas pump are still much higher than they were before Covid-19 rocked the economy. Overall, consumer prices have jumpedThat may partially explain why polls have given Biden low marks on his policies, even though economic growth has been surprisingly resilient and the job market remains solid.
Unsurprisingly, Democrats have a sunnier outlook than independents or Republicans, but there have been gains among all three groups, according to the most recent“Inflation has eased since [peaking at more than 9 percent a year ago], and people’s attitudes and views have improved quite a bit,” she said.
Earlier this week, Fed Gov. Michelle Bowman said she expects additional rate increases will be necessary to bring inflation back in line with the Fed’s two percent goal. New York Fed President John Williams and Philadelphia Fed President Patrick Harker – both of whom are voting members of the Fed’s policy-setting committee – have signaled that it might be time for the central bank to hold rates steady.
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