After an extended period of gloom, Americans are starting to feel better about inflation and the economy — a trend that could sustain consumer spending, fuel economic growth and potentially affect President Joe Biden’s political fortunes.
A measure of consumer sentiment by the University of Michigan has jumped in the past two months by the most since 1991. A survey by the Federal Reserve Bank of New York found that Americans’ inflation expectations have reached their lowest point in nearly three years. And the same survey, released last week, found that the proportion who expect their own finances to improve a year from now is at its highest level since June 2021.
Consider the price of food, one of the items people encounter most frequently. Grocery inflation has plummeted from a year-over-year peak of 13.5% in August 2022 to just 1.3%. Yet a typical basket of groceries still costs 20% more than it did in February 2021, just before inflation began to accelerate. On average, chicken prices are up 25%. So, too, is bread. Milk is 18% more expensive than it was before the pandemic.
Here’s a way to check how the price of groceries in South Atlantic states has been impacted.
Source: www.dailyprogress.com
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