“Caroline Baum of Bloomberg addresses the question of why consumers have ignored the Fed’s widely ballyhooed inflation target of 2 percent and the fact that CPI inflation has averaged only 1.5 percent over the past five years. Her answer is enlightening: ‘Consumers either don’t listen, don’t care or derive their expectations from their own shopping cart. Food and gas comprise a big part of the household budget, and energy prices, at least, have been rising much faster than inflation. Just as consumers vote their pocketbook, they use their pocketbook to make judgments on where inflation is today and where prices are headed.'”
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