In 2019, US food inflation ranged from 1.6% to 2.1%, and as of February 2024, it is at 2.2%.
Yes, food prices are marginally higher than they were in 2019,but not nearly enough to justify such a huge difference in the public's perception of the economy at-large, especially since wages, employment rates, and stock prices have all increased significantly more than food prices.
And housing inflation has actually decreased since 2019 (2019: 2.89%, 2024: 2.75%).
Yes, inflation overall is slightly higher than in 2019, but wages, employment rates, stock prices, and just about everything else are significantly higher.
1. Food prices are around 25% higher than they were in 2019. That's not "marginally higher" for a lot of people.
2. Wages have barely kept pace with inflation, and have not kept pace with the cost of shelter in much of the country. Lots of people feel like they're struggling to get by even though it's easier to find work. Also, averages conceal variation. For many households, incomes have not kept pace.
3. Housing prices are rising more slowly because high interest rates have paralyzed the market. Lots of aspiring first-time homebuyers can't afford 7% on a 30-year loan. Plenty of homeowners aren't going to risk moving when that means doubling their rate.
Inflation creates anxiety that sticks with people even after the rate of inflation slows. It takes time for people to get accustomed to a new price level. Many Americans were too young to have experienced anything like that before.
Inflation also creates insecurity even for people whose incomes have grown with it, because most sources of income aren't guaranteed. If my cost of living increases by $20,000 per year, that is $20,000 that I need to earn every year, somehow, for the rest of my life.
I'm not sure what the argument is here. You win people over through empathy and persuasion, not by insisting that their views are invalid. No one is obliged to say that they like this economy just because you're happy with your preferred KPIs.
