Amara Omeokwe
speaker
439 appearances
11 recordings
1 series
first heard Mar 2020
last heard Dec 2023
Amara Omeokwe’s voice in public audio — every appearance, attributed to the second.
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Appearances
What we've been having is disinflation, which is the rate of price increases has become smaller.
And so when people go to the grocery store, they go to buy other things they need.
They still feel like, wow, these prices are really high, even though we have seen inflation cool down quite a bit.
Inflation is caused by a mismatch between supply and demand.
And the pandemic sort of created a perfect storm for that to happen.
You remember that early on in the pandemic, we had shutdowns and government restrictions, and many of us were stuck at home.
And you also had a lot of supply chain disruptions emerge around that time, meaning that there were shortages for all sorts of things that businesses needed to produce goods and services.
So those shortages initially bumped up against really strong demand for good because we were all at home.
Everybody wanted new furniture, new office supplies, those sorts of things.
And then fast forward, the pandemic begins to recede, governments start to lift restrictions, and people were eager to do all the things that we couldn't do during the lockdowns.
We wanted to travel, we wanted to eat out.
And the like.
So now you had those shortages bumping up against strong demand for services.
And we also had that demand being supported by a lot of pandemic aid.
So stimulus checks, the expanded child tax credit, those sorts of things.
So you really just had strong demand that really there wasn't enough supply to meet it.
Well, because there's a difference between inflation cooling and prices outright declining.
So what we've been having is disinflation, which is
the rate of price increases has become smaller.
What we have not had is deflation, which is prices outright declining.
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