At their pandemic-era peak, consumer prices were rising faster than at any point in 40 years.
Inflation has been declining gradually, which means prices are still rising but at a slower pace, also known as disinflation.
Some prices have actually deflated over the past year, according to the consumer price index.
Deflation is the opposite of inflation: It means consumers are seeing prices decline in certain categories.
Over the long term, consumers also generally see savings as manufacturers shift goods production to lower-cost areas, Zandi said.
Persons:
—, Mark Zandi, Zandi
Organizations:
Getty, Consumers, Goods, Moody's, Energy
Locations:
U.S, Russia, Ukraine