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Except that prices, in general, have been rising over the past 20 years. And yes, we've noticed it, and so have people around us. My in-laws have been frequent
by danaris 4y ago
Except that prices, in general, have been rising over the past 20 years.
And yes, we've noticed it, and so have people around us. My in-laws have been frequently heard complaining about price increases on products (their grumbling tends to start with how the price has increased since last year, then go on to declare what they remember paying for it in about 1965...).
We've also had rampant shrinkflation during that time. Remember, for instance, how ice cream used to be regularly sold in half-gallons? But now is instead sold in 48oz tubs, without any particular acknowledgement of the change.
But when the price increases aren't localized to one specific store, it doesn't matter that people get annoyed at it. Worst case, they'll just start buying less of the thing.
- bryanlarsen 4y agoIn 2000-2019 you would complain about one specific product going up in price and adjust appropriately. In 2022 you complain about everything going up in price.
- danaris 4y agoPlease don't try to tell me what my experiences are. Prices have certainly risen across the board more quickly and noticeably in the last year or so than previously. That doesn't mean that I haven't noticed prices rising broadly for the past 20 years. Maybe you haven't. I don't know. I wouldn't presume to tell you what your experiences are.
- bryanlarsen 4y agoPrice stickiness is a well studied area of behavioral economics.
- danaris 4y agoI'm not disputing the principle; I'm saying I don't think it's sufficient to explain the current situation.