The great inflation spike of the past three years is nearly spent and economists credit American consumers for helping slay it.
FILE - Sale signs are displayed at an appliance store in Arlington Heights, Ill., Wednesday, Nov. 8, 2023.
The reluctance of consumers to keep paying more has forced companies to slow their price increases — or even to cut them. The result is a cooling of inflation pressures. Still, a key question now is whether shoppers will pull back so much as to put the economy at risk. Consumer spending makes up more than two-thirds of economic activity. With evidence emerging that theThis week, the government will provide updates on both inflation and the health of the American consumer. On Wednesday, it will release the consumer price index for July. It's expected to show that prices — excluding volatile food and energy costs — rose just 3.2% from a year earlier.
Other companies are cutting prices outright. Dormify, an online retailer that sells dorm supplies, is offering comforters starting at $69, down from $99 a year ago.
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