by John Jennings
Forbes
Inflation has been brutal over the past few years. After decades of running below 3%, in early 2021, inflation increased rapidly as the economy began opening back up after the COVID-19 lockdowns. It peaked at 9.1% in June 2022 and has declined to its current level of 3.2%. While a 3.2% inflation rate is unquestionably better than it’s been since early 2021, it is still materially above the Federal Reserve’s 2% inflation target.
[…] Even though inflation has cooled dramatically, when I went to the grocery store this weekend to pick up a few items, I was surprised at how much my few bags of groceries cost. If inflation has been declining, why does everything still seem so expensive?