"Consumers' Victory: Pushing Back Against Rising Food Prices"

Consumers are pushing back against price increases by switching to store-brand items, shopping at discount stores, and buying fewer luxury items, leading to a slowdown in inflation. Large food companies have responded by slowing their price increases, and even car dealers are offering discounts on new cars due to increased demand for used cars. President Biden has criticized corporations for price-gouging and "shrinkflation," and economists believe that consumer resistance will further ease inflation. Companies like Kraft Heinz and Unilever have seen sales fall as consumers opt for cheaper alternatives, prompting them to rein in price increases and focus on boosting sales. The Federal Reserve cites consumers' growing reluctance to pay high prices as a key reason for expecting inflation to fall back to their 2% annual target.