Sticker shock is real at the grocery store. Economists believe we may not reach pre-COVID-19 pandemic numbers despite 'falling' prices.
Economists believe the United States won't reach pre-COVID-19 pandemic numbers as reports show households are spending more each month.A recent report shows households are still paying hundreds more a month for goods, and while the amount is falling, economists believe we may not reach pre-pandemic numbers.
In summer 2022, the agency said households spent $502 extra a month on goods compared to 2021. It fell to $371 in December. The highest amount more households are paying for is housing and food. "All of these things started to die out and we're returning to a more normalized life where prices are a little bit more stable," Jorge Barro, Rice University's public finance fellow, explained.
"The prices may not come down to what they were before the pandemic," Barro said. "I think that might be an unrealistic expectation. I think the best that we can hope for right now is that price increases will stop or stabilize at a much lower level."report from the federal government shows nearly all food items are up from December of 2021.
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