Inflation may be slowing down, but that doesn’t necessarily mean prices are dropping. Find out why on NBC 5 Dallas-Fort Worth.
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In a recent study conducted by CNBC/SurveyMonkey, about two thirds of U.S. adults expressed that inflation is causing financial stress, with 65% of them living paycheck to paycheck. Retail sales saw a 2.1% year over year increase in the first quarter of 2024, indicating a rise in consumer spending despite economic challenges.
Jenn Lueke, a 27-year-old recipe developer from Boston, has been helping people make the most of their grocery budgets by creating budget-friendly meal plans. She believes that with prices on the rise, it’s essential to find ways to eat well without breaking the bank.
Experts have highlighted the concept of ‘money illusion,’ where individuals fail to recognize the impact of inflation on their purchasing power. This phenomenon often leads to increased credit card debt, with a record high of $1.08 trillion reported in the third quarter of 2023.
Although wages have been increasing since January 2022, the pace of growth has slowed down, barely keeping up with rising prices. As per Bankrate’s analysis, the disparity between inflation and wages is not expected to close until the fourth quarter of 2024.
For many Americans, stagnant wages have been a persistent issue, with some going years without significant raises. This long-overdue wage growth has left individuals struggling to keep up with the rising cost of living.
To learn more about the factors contributing to the current economic situation and why prices may not decrease anytime soon, watch the video above.
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1. Why is inflation slowing down?
Inflation is slowing down due to decreased consumer demand and supply chain disruptions.
2. Why aren’t prices going down despite inflation slowing?
Prices aren’t going down because businesses are still dealing with increased costs and adjusting to new Market conditions.
3. How does inflation impact everyday consumers?
Inflation can lead to higher prices for goods and services, which can reduce purchasing power for consumers.
4. What can consumers do to cope with inflation?
Consumers can look for deals, comparison shop, and adjust their spending habits to handle the effects of inflation.
5. Will inflation continue to slow in the future?
It’s difficult to predict the future of inflation, but economists are monitoring the situation closely to understand how it will evolve.
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