Rachel Wolfe

speaker

900 appearances 20 recordings 1 series first heard Mar 2022 last heard May 2024

Rachel Wolfe’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Inflation Has Altered Our Expectations of Prices · 14 Mar 2024 podcast

We all have these goods and services called reference prices that we use to determine matched

how expensive our day-to-day lives are going to be. matched

For me, that might be a cup of coffee. matched

For somebody else, it might be a roll of paper towels. matched

And we know roughly in our heads what a good price for that is. matched

Let's say I know paying $2 for a cup of black coffee is not too much, not too little. matched

When every time we now go to buy the cup of coffee and it's instead $4, we feel ripped off. matched

We no longer feel like we're getting the value from the things in our lives that we once did. matched

And that makes us all really angry and makes us feel like something has gone deeply awry. matched

Inflation hasn't hit everything equally. matched

Food is up a lot more than some other categories. matched

But because we buy food so often, we feel that increase more than we might matched

or some other things. matched

So even though it's actually less expensive to buy a dishwasher than it was a few years ago, we don't have to buy dishwashers very often. matched

So we're not necessarily feeling like we're recouping the extra money that we're spending at the grocery store. matched

Even though an extra 75 cents on a cup of coffee might not actually make that much of a difference in somebody's overall budget, they still really hate paying it. matched

Exactly. matched

It's tricky. matched

There's no one single factor that will make us all okay one day to pay dramatically more than we did a few years ago. matched

But as time goes on and as prices keep on being what they are, we'll no longer see that as a really expensive cup of coffee. matched

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