Inflation in the U.S. is Improving
Due to general misconceptions, the public mood remains sour
As families in the U.S. prepare to gather for their Thanksgiving dinners next week, food prices have largely flatlined for months, gasoline prices are about 10 percent lower than a year ago and the average cost of much of what goes into a shopping cart has been roughly unchanged for a year.
But the steady ebbing of inflation hasn't translated into good news for either President Joe Biden or the Federal Reserve when it comes to public opinion. Attitudes towards both have kept slipping in light of one unchanging fact: Things remains pricier than there were before the coronavirus (COVID-19) pandemic; they will likely stay that way.
"Inflation falls... but prices don't come down," said Fed Governor Christopher Waller said last week when asked at a research conference about common public misconceptions. "They're just going up at a slower rate. What people have in their mind right now is... prices to go back to where they were in 2021. That's not going to happen. These prices are probably there forever."
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