Inflation burned consumers in 2022. Prices rose faster than wages, on average, eroding the typical shopper’s purchasing power. Some things got so expensive buyers simply gave up.
Consumers ought to get some revenge in 2023. Overall inflation has been slowing, from a peak of 9% in June to 7.1% in November. In coming months, there should be disinflation, or a declining rate of inflation, in many categories of goods and services. In some categories there will be deflation, or an outright drop…
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