WASHINGTON, D.C. — The great inflation spike of the past three years is nearly spent — and economists credit American consumers for helping slay it.
Some of America's largest companies say their customers are increasingly seeking cheaper alternative products and services, searching for bargains or just avoiding items they deem too expensive.'While inflation is down, prices are still high, and I think consumers have gotten to the point where they're just not accepting it,' Tom Barkin, president of the Federal Reserve Bank of Richmond, said last week at a conference of business economists.
On Thursday, the government will report last month's retail sales, which are expected to have climbed a decent 0.3 percent from June. Such a gain would suggest that while Americans have become vigilant about their money, they are still willing to spend.'We're seeing lower average selling prices ... right now because customers continue to trade down on price when they can,' said Amazon CEO Andrew Jassy.
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