The subheadline on a recent wall Street Journal editorial claimed
Voters know how much prices are rising even if politicians don’t.
As some might expect, I have a couple things to say about that.
One thing is that politicians certainly do know prices are rising, and they know the rate of rise; they just don’t care.
The other thing is that there is a world of difference between price rise, inflation, and price level, what we actually pay.
It may be the case that price rise/inflation is abating, and to the extent it is, that’ll be useful for us consumers’ planning for our future expenses. But until price levels return to the status quo ante Wuhan Virus, we’ll still be paying those higher prices, and that still will continue damaging our pocketbooks.