The Federal Reserve cut its key interest rate by a quarter-point in response to a steady decline in once-high inflation that angered Americans and helped drive Trump’s election victory.
Inflation is the derivative, it’s a rate of change. It doesn’t say anything about absolute purchasing power. Past inflation contributed to raising prices massively. Currently, inflation is very low, so prices have stabelized to the new, higher level. To get them back down to pre-covid levels, you would need negative inflation (deflation), which most economists agree is a really bad thing. Instead, the goal must be to increase consumer purchasing power, by raising wages.
Did you see the used car prices a few years ago? They’re trending downward.
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Inflation is the derivative, it’s a rate of change. It doesn’t say anything about absolute purchasing power. Past inflation contributed to raising prices massively. Currently, inflation is very low, so prices have stabelized to the new, higher level. To get them back down to pre-covid levels, you would need negative inflation (deflation), which most economists agree is a really bad thing. Instead, the goal must be to increase consumer purchasing power, by raising wages.
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[citation needed]
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It is not.
https://www.cargurus.com/research/price-trends