Inflation is the lowest it’s been in two-and-a-half years, but most Americans are still feeling the strain.
An Associated Press-NORC Center for Public Affairs poll showed that 75% of Americans described the economy as poor. Only one-quarter of respondents said their income has risen, while two-thirds say their expenses have risen.
The prices at the grocery store confirm this. Since February of 2020, ground beef is 33% more expensive, while milk is 25% more expensive. Gas is 50% higher than it was when the pandemic began.
While the economy is seeing a slowdown in price increases, Lisa Cook of the Federal Reserve’s Board of Governors says that’s not enough.
“Most Americans are looking for deflation,” Cook said. “They want these prices to be back where they were before the pandemic.”