“One of the biggest problems with inflation right now is not the ships stuck at the Port of Los Angeles or the price of a pack of chicken thighs or even how difficult it is to nab a reasonably priced rental car — it’s what’s happening in Americans’ minds as their expectations shift about how much goods will cost going forward,” the Washington Post reports.
“While policymakers debate how long higher prices will last — what ‘transitory’ inflation means — the real question is how American families and businesses are going to react to this new era of uncomfortable inflation. What is the psychological impact of this jump in so many prices after years of low inflation? Are people’s behaviors going to shift?”
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