From the Editorial Board: Prices are still going up for many everyday goods and services. While gasoline at the pump is down, other highly visible indicators are flashing red.
Federal Reserve Board Chairman Jerome Powell leaves the stage following an interview by David Rubenstein, chairman of the Economic Club of Washington, at the Renaissance Hotel on Feb. 7, 2023, in Washington.
Letting inflation continue to run rampant is even worse, though, and we’ve supported the Fed’s efforts so far to tamp down price increases. America can’t afford for its central bankers to turn into spectators again. Consumers have been forced to adjust their budgets accordingly. A survey by the Specialty Food Association shows that inflation prompted half the population to substantially change food purchasing habits in 2022. Some 50% of consumers said they were buying less expensive food, or “trading down,” as the survey termed it.
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