"Consumers' Resistance to Price Hikes Gains Momentum"

Consumers are pushing back against price increases by shifting to store-brand items, discount stores, and used cars, leading to a slowdown in food price increases. President Biden and left-leaning economists criticize corporations for excessive price hikes and "shrinkflation." Companies like Kraft Heinz and Unilever have seen sales decline after raising prices, prompting them to rein in further price increases. Federal Reserve officials expect inflation to fall as companies plan smaller price hikes due to consumers' growing reluctance to pay high prices.