Inflation in the United States is down significantly from its recent highs, falling from an annual rate of 9.1% in June 2022 to 2.5% in August 2024. But actual prices remain elevated and, absent a recession, are likely to stay that way.
On average, consumer prices in August 2024 were 22.0% above where they were in January 2020, before the COVID-19 pandemic scrambled the U.S. economy and much of the rest of American life. Today, 74% of Americans say they are very concerned about the price of food and consumer goods, while 69% say the same about housing costs, according to a recent Pew Research Center survey.
Of course, people don’t live on national averages. They live in particular places and buy particular things, and their experiences of inflation depend greatly on those particulars. The cost of apartments in Atlanta, bananas in Boston and sportswear in Seattle all factor into the national average inflation rate but can – and do – vary considerably from it….
NEW from @pewresearch: While *inflation* has eased, consumer *prices* are still much higher than before the pandemic, especially in certain metro areas. That may be why ~7 in 10 Americans are "very concerned" about prices. https://t.co/tI4k5ZyLU7 pic.twitter.com/sgAe9ziZ6c
— John Gramlich (@johngramlich) October 7, 2024