Rob Wile is a breaking business news reporter for NBC News Digital.
Price growth in many key consumer categories has slowed considerably or ceased altogether — but that has done little to dent consumer worries as the costs of housing and other services have continued to climb. Among the broadest categories tracked by the consumer price index, or CPI, two of the ones most acutely felt by consumers — food and energy prices — hit 2.2% and 2.1% on a 12-month basis in March, respectively. That's essentially in line with the Federal Reserve's 2% goal.
The number of weeks of income needed to afford a new light vehicle hit an all-time high in the winter of 2022, as measured by Cox Automotive/Moody's Analytics. The declines in car prices are emblematic of the broader drop in what are known as durable goods, said Eric Wallerstein, chief markets strategist at Yardeni Research. 'Everyone bought durables during the pandemic, but there only so many household appliances you can buy,' Wallerstein said.
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