Not quite. Most of the announced price cuts are on goods, such as cars, furniture, appliances, sporting goods and dairy products — all of which have already gotten cheaper in the past year, according to federal inflation data.

The part of the economy where prices are still rising too fast is in services, like housing, health care and insurance. Those have been much harder to bring down, in part because they rely so heavily on workers, who have recently gotten pay raises. Overall, prices are 3.4 percent higher than they were a year ago, though some services are still notching double-digit growth.

“It won’t affect inflation because inflation now is in housing, medical services and gas,” said Sucharita Kodali, a retail analyst for Forrester. “But it will impact perceptions of price when consumers shop in mass retail and that perception is what is most important.”

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