"Consumers' Successful Resistance to Price Hikes"

Consumers in the US are pushing back against price increases by switching to store-brand items, discount stores, and buying fewer items, leading to a slowdown in inflation. Large food companies have responded by slowing their price increases, and the overall inflation rate has dropped from 9.1% to 3.1%. President Biden and left-leaning economists criticize corporations for excessive price hikes and "shrinkflation." Consumer resistance has forced companies to rein in price increases and focus on boosting sales. The Federal Reserve expects inflation to fall back to their 2% annual target, and companies across all industries plan to impose smaller price increases this year.