I wanted to call this post from TIPP Insights to your attention. It describes and analyzes the results of their latest poll of Americans’ top concerns today. At the very top is that COVID-19 is continuing to be an issue which proves that they pay attention to the news reports. Of the next 10 six are related to rising prices which proves that they pay bills. I would characterize the remaining concerns as “niche” concerns.
Democrats, Republicans, and independents have somewhat different primary concerns with Democrats being most concerned about COVID and climate change, Republicans most concerned about rising prices of food and gasoline and the situation at our southern border, and independents mostly concerned about rising prices in their various manifestations. For all three groups rising prices are in the top five. Can we stop calling it “inflation”? They’re distinct although both are concerns right now.
Read the whole thing—it’s mostly graphs.
I’m trying to parse out the last part of the 2nd paragraph.
Are you saying that inflation as in the rate of change in prices is a concern and the price level being too high is a separate concern?
An increase in prices is not the same as inflation although the two terms tend to be used interchangeably. Inflation is a fall in the purchasing power of money accompanied by general rise in prices. When gasoline rises in price it’s a rise in the price of gasoline.
And, of course, the Fed seems to have adopted its own definition of inflation as a second derivative phenomenon.