Consumers Aren't Worried About Inflation Yet
Has been tough. We know to have heard. Oh so very much about inflation. These past couple of months here there and everywhere. The economic news is about prices going up. What j. powell has to say about it. And whether it's gonna last or be to vote or lustrous fed chair transitory much though in all of this you and what you're thinking about and expecting since inflation expectations are a big part of whether inflation actually shows up. Here's marketplace's mitchell hartman to get us going. Go to the gas station. The price at the pump is more than fifty percent higher than last spring. Used cars up three percent major appliances up twelve percent of claudius som- who spent a decade as an economist at the fed says price spike. So far are mostly concentrated in things like vehicles and appliances and travel tied to the reopening of the economy and frankly over decades. We have seen a very moderate pace of inflation and the federal reserve is convinced that it is going to come back down. And that's what most consumers think too. According to a new survey data for morning console says economist. John lear consumers believe the prices of certain goods and pandemic hit sectors are likely to more rapidly than other goods so right now consumers expect trips and vacations and cars and home repairs to go way up in price but not items like furniture or groceries or rent.