"Consumers' Successful Resistance to Price Hikes"

Consumers in the US 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 President Biden has criticized corporations for price-gouging and "shrinkflation." This consumer resistance is expected to further ease inflation, with companies already planning smaller price increases. 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.