YOU DON’T SAY: Americans are showing inflation fatigue, and some companies see a breaking point.

Robust consumer spending has powered the U.S. economy through much of the pandemic, as households were helped by COVID-related government stimulus programs, rising wages and a rebound in the U.S. job market that has pushed the unemployment rate down near pre-pandemic levels.

Companies that made everything from baby wipes to washing machines were able to raise prices without denting demand much. Now, some executives and analysts say that Americans’ buying power is being squeezed by inflation, which in March hit the highest annual rate since 1981. Grocers and other food and staples sellers, for instance, say shoppers have increasingly been seeking discounted products and lower-cost brands.

“U.S. consumer confidence has been shaken by rampant inflation and geopolitical uncertainty in recent months,” Tempur Sealy Chief Executive Scott Thompson told analysts Thursday.

We keep getting told things like that, but are consumers really thinking about Ukraine when they’re worrying about the price of wipes for their babies?