"Consumers' Pushback Against Price Increases: A Winning Trend"
Consumers are pushing back against price increases by shifting to store-brand items, discount stores, and used cars, leading to a slowdown in inflation. Large food companies have responded by slowing their price increases, and overall inflation has decreased from a peak of 9.1% to 3.1%. President Biden and left-leaning economists criticize corporations for excessive price hikes and "shrinkflation." Consumer resistance has led companies to reconsider their pricing strategies, with many planning to impose smaller price increases this year. This consumer pushback is seen as a key factor in curbing inflation, with companies acknowledging the need to focus on boosting sales rather than relying solely on price increases.
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