"Consumers' Successful Resistance to Price Hikes"

Consumers are pushing back against price increases by shifting to store-brand items, discount stores, and used cars, prompting large food companies to slow their price increases. President Biden has criticized corporations for price-gouging and "shrinkflation," while economists believe consumer resistance will help ease inflation. Companies like Kraft Heinz and Unilever have seen sales decline after raising prices, prompting a shift towards lower pricing and a focus on boosting sales. Federal Reserve officials cite consumers' reluctance to pay high prices as a key reason for expecting inflation to fall back to their 2% annual target.