Inflation's Personal Toll Outweighs Official Rates
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Everybody has a personal inflation gauge, like gas or food prices, that matters more than the official inflation rate. High food inflation especially causes economic pain.
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People tend to remember the lowest prices they've seen and consider those the "right" prices. So even if inflation improves, they may still feel it's too high.
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Housing costs like rent are a huge expense for many. If your rent goes up faster than your income, it feels like uncontrolled inflation.
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When inflation is high, people tend to ignore other positive economic indicators like job growth. They blame the president no matter what.
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By election time 2024, inflation may seem fine on paper but still understate the economic anxiety people feel after the price spikes of the last few years.