Americans are paying higher prices for groceries, gas and holiday gifts, yet many are living and spending as if it isn’t happening
by $17 billion in the third quarter, according to the Federal Reserve Bank of New York. And while new vehicle sales cooled off from last year, J.D. Power estimates 54% of vehicles to be sold within 10 days of arriving at a dealership for the month of October.
“I don’t think this is an environment where people are going to rush to spend consistently so that they get ahead of what’s going to be ever-higher prices tomorrow. Instead, I believe it’s going to hit the household in a way that slows things down,” said Alex Lin, senior U.S. economist at Bank of America.
Ms. Kuo said she is in a position where making small substitutions won’t make or break her finances. She and her husband moved to Phoenix during the pandemic, bought a house and threw themselves into a home-renovation project.and aren’t making changes, according to Wendy Edelberg, director of the Hamilton Project, an economic-policy initiative within the Brookings Institution.
Now, fears of continuing inflation and a supply-chain crunch are combining. Some households are reassessing their post-pandemic budgets, Mr. Lin said. Amanda Brennan, a librarian in Roselle Park, N.J., said she first noticed the price increases in pet food purchased for her three cats. She noticed the increase after the bill already hit her wallet because,“A lot of our stuff that we like we set up recurring payments, just automatic, and I’ve noticed them going up on their own,” she said.
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