His students wanted him to buy Doritos for a Super Bowl party. Jeff Clark of Meriden tutors at Washington Middle School. Inflation was low in 20 because people weren’t spending as much, but the economy opening up in 2022, people wanted to spend again, combined with the stimulus package, contributed to the jump in inflation, Gourley said. And so consumers just aren’t darn sure how to handle it.” … That’s just a shift that nobody has ever been through before. “Inflation went because of COVID from 0.5% to 8% in under two years, and nothing like that ever happened before, even in the early 80s. “I think something that’s been underreported is that even though inflation was as high in the 1980s … as it was in 2022, it wasn’t changing by as much,” he said. “So making that change is very difficult.”Ī major factor in consumer attitudes is how prices jumped during the pandemic, Gourley said. “So to break a habit in a family, I mean, you bring home the wrong toilet paper brand or you bring home the wrong cereal, those are staple products that there is a comfort, ease or comfort items for people,” she said. You create these habits and to break a habit you need at least a minimum of 30 days, sometimes 90 days to break a habit and make a change,” she said. So it’s becoming a game,” she said.īut, she said, it’s not always easy to switch from the brand name to the store brand. “People are trying to figure out where they’re going to get the best deal. Weekly sales such as the one on Cheerios are not uncommon in many Connecticut stores, and often target staples, such as coffee and packaged goods.Īccording to Gianchandani, “Consumers are trying to problem solve, so they’re changing the brand, say, or going from maybe name brands to store brand, using generic products.”Ĭoupons are becoming more important. The store brand Honey Nut Oats & O’s were $2.19. General Mills Honey Nut Cheerios were $5.49 normally, but on sale for $2.99. When it came to cereal, Total was $6.89 for a 1-pound box. Ground beef was $6.49 a pound, chuck steak was $9.49 and top round was $8.99. Milk cost $2.89 for a half gallon.Ĭhicken breasts were $6.79 a pound, thighs were $5.55. Brown eggs were $3.19 while free-range organics were $6.29. So it’s a little bit jolting.”Ī survey of items at a Connecticut grocery store showed shoppers have some choices too. “And it’s just something that consumers just have not become accustomed to. … So there are some select prices that are starting to come down, but they’re coming down from the high level and they’re still higher than they were a few years ago,” he said. Some food prices are actually down, Lanza said. “I’ve kind of locked in to the prices that were in effect basically when I bought my home.” ‘Consumers are trying to problem solve’ “Yes, housing is 40% of my budget, but I’m not going out and buying a new home every month,” he said. ( Shelter actually rose 6.2% in December after months of low inflation.) When it comes to overall inflation, some prices actually have fallen, Lanza said: appliances, clothing, gasoline, housing. Patrick Gourley, associate professor of economics at the University of New Haven (Roger Castonguay/Defining Studios) “So it does look like inflation of food has gone down quite a bit and is now more or less level but, again, it still takes time to get used to that,” he said. “If you don’t buy a pineapple very often, but you buy a pineapple once every six months, your mental anchor might be that a pineapple costs $4, when in reality it’s cost $5.50 for the last year and a half but you just haven’t changed your mental framing yet,” he said. “Prices have probably leveled off and you just need to expect it takes a little while for consumers to get used to it,” said Patrick Gourley, associate professor of economics at the University of New Haven. The level, or the price tag at the store, “is the thing that’s just got people really kind of freaked out,” Lanza said. “When you hear the reports about the monthly inflation and inflation is coming down, and the Fed is getting things under control, and we’re all but back to normal in terms of what the Fed’s target is for price changes, and that sort of thing, there’s that disconnect between the changes and the level.” Steven Lanza, associate professor of economics at the University of Connecticut (Courtesy of the University of Connecticut) “But the price level is not the same thing as inflation,” Lanza said. “It’s a little shocking to go in and just see how high prices are,” he said. “I’m surprised every time I go into the store and I’m looking at $6 for a box of cereal or something that used to be $3 or $4. “Grocery prices are indeed high,” said Steven Lanza, associate professor of economics at the University of Connecticut.
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