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Consumers Driving Down Inflation
[USA Today/AP, hat tip to Dallas Morning News] Inflation has changed the way many Americans shop. Now, those changes in consumer habits are helping bring down inflation.Or, at least the rate of inflation Fed up with prices that remain about 19%, on average, above where they were before the pandemic, consumers are fighting back. In grocery stores, they’re shifting away from name brands to store-brand items, switching to discount stores or simply buying fewer items like snacks or gourmet foods. "19%, on average", you say? I wonder what items went into the 'average'.  More Americans are buying used cars, too, rather than new, forcing some dealers to provide discounts on new cars again. But the growing consumer pushback to what critics condemn as price-gouging has been most evident with food as well as with consumer goods like paper towels and napkins.And electric vehicles. Consumers speak louder than the Green New Deal. Many consumers have reacted like Stuart Dryden, who lives in Arlington, Virginia. On a recent trip to his regular grocery store, Dryden pointed out big price disparities between Kraft Heinz-branded products and their store-label competitors, which he now favors. Life is choices, Stuart. Why'd you wait so long to save money? Dryden has taken other steps to save money: A year ago, he moved into a new apartment after his previous landlord raised up his rent by about 50%. His former apartment had been next to a relatively pricey grocery store, Whole Foods. Now, he shops at a nearby Amazon Fresh and has started visiting the discount grocer Aldi every couple of weeks. Adam Smith's 'invisible hand' at work. Hurray, capitalism! Posted by: Bobby 2024-02-27 |
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