WASHINGTON — Treasury Secretary Janet Yellen pointed to the consistently higher prices that Americans pay for food and rent today, compared with pre-pandemic levels, as a major factor driving voters' negative outlook on the economy.
"Although prices in general are rising less quickly, Americans still see increases in some important prices, including food, from where we were prior to the pandemic.
As overall inflation rates have come down over the past year, food prices have consistently outpaced baseline inflation, according to the Bureau of Labor Statistics.
There are lots of reasons for this, ranging from the war in Ukraine's impact on grain prices to restaurants charging higher prices for menu items.
But Americans do notice higher prices from what they used to be accustomed to," she added.
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Bureau of Labor Statistics, NBC