THIS MAKES IT SOUND LIKE THEY’RE BEING UNREASONABLE: Why Consumers Are Mad About Inflation Even Though It Has Fallen: Prices are rising more slowly, but consumers fixate on how much lower they were before the pandemic, a problem for Biden.

Inflation is merely the rate of price increase. “Lower inflation” just means that prices are rising more slowly. Meanwhile, when you shop for groceries your bill is higher. I saw a bottle of Heinz Ketchup for $7.19. It was in a neighborhood grocery, so I thought maybe the price was higher for that reason. But at Publix it was $7.49. Every time you shop you get unpleasant little shocks like that.

To be fair, that point does get made in the article:

“The fact that inflation has come down doesn’t mean prices have come down,” said Tim Quinlan, senior economist at Wells Fargo. “For consumers, as long as prices remain elevated, which is what they are from their perspective, it still kind of weighs on confidence.”

Ya think? Plus: “I’m trying to think of one area where prices have eased and I can’t think of anything.”