Take out the shelter jump, says Gregory Daco, chief economist at consulting firm EY Parthenon, and the prices of goods and services are rising at a slower rate than they had in previous months—the entire price index for urban consumers rose 0.4% from the previous month, whereas in January it rose 0.5%. “We may be very surprised by a turn into very low inflation in coming months,” he says.
Nearly half of 100 consumer packaged goods companies surveyed by Advantage Solutions, an industry consultant, said they planned toin the first six months of 2023. Even Nestle, the world’s largest food group, said it increased prices by 8.2% last year and that it would continue to raise its prices in 2023.
“In pricing for inflation, we have been relentless,” Michael McCain, the president and CEO of the packaged meats company Maple Leaf Foods, said on an earnings call March 9, adding that the company would take “accelerated pricing action” in the first half of 2023. But still, the company said, consumers kept spending. Over the last year, many other companies have told investors that they increased prices and were surprised that consumers didn’t seem to react very strongly.
“People have been conditioned to go out there and buy what’s right in front of them,” says Alexander McKay, a Harvard Business School professor and one of the authors of the study. Americans may be less price sensitive because of the increased demands on their time, he says—if time is money, they’re not going to spend too much time clipping coupons or going to different stores to find the cheapest products. “People are saying that it’s not as worth it to save $0.
Is this just clickbait? This is like saying most people don’t mind getting punched in the face since there is little they can do about it. Consumers, aka people, are sick, fed up, exhausted, but no longer shocked by prices. Lumber, gas, avacados are down since last year
BS.
Grow your own food supplies at home and be a farmer just like how we do back in the day. As long everyone start doing this and you’ll be self sufficient in the long run. Don’t depends on big corporations.
Maybe a bad economy will be good for the obesity epidemic in the USA.
Get fucked - US shoppers still need to eat food.
Well since I can hardly afford to eat anymore I'd say this isn't true. It's insane how they keep raising prices and think this is sustainable.
I mean it's the same thing over and over.... history repeats itself....go back 100 yrs....when do prices go down...never.....this is all the changes to the new money/value/ pay wages.... everything
They have to be kidding me...
What kind of insanity are you writing?
We live in a country where the streets are paved with gold!
Are you nuts?
Ah yes, blaming consumers for corporate greed.
There's no other fuxin choice!!!
Um so what’s the other option cuz even dollar tree isn’t a dollar anymore.
We don’t have a choice. We need to feed our kids. Don’t forget that people use credit card
We do.
Like we have a choice.
What the fuck is this headline?
Uh hell yes are price conscious! We have quit buying beef, restricted how much chicken we can afford, and switched many items to generic brands
100% it's happening globally. We are a world of narcissistic assholes. We don't Carr about anything. We want what we want regardless of the financial impact.
Inflation is down
What the fuck are we supposed to do lol?