China Daily, October 9 -- The website of the US Consumer News and Business Channel (CNBC) reported on the 7th that inflation in the United States is still far beyond the affordability of most people, food, rent, gas and other prices are too expensive, and people feel that their own economy is terrible.
Inflation in the United States continues to be severe, and historic strikes hit the US automotive industry. (Source: China Daily)
According to a Reuters/Ipsos poll, US President Joe Biden's approval rating on economic work is only 42%. The latest consumer survey from the University of Michigan shows that U.S. consumer and business confidence remains well below pre-pandemic levels.
CNBC reports that this is likely because prices are still at distressing levels.
The British "Daily Mail" website previously reported that despite the decline in inflation in the United States, the people are still extremely dissatisfied with the economic situation of their own countries and the economic work of the Biden administration. According to another new NBC poll, Biden's financial support rating is only 37%, and 59% of respondents said they disapprove of his performance.
Screenshot of the Daily Mail website
The report quoted a poll by the US digital news website (Axios) as saying that the American people's view of their own economy is very bad. An important reason for this is that people pay more attention to the absolute price of the goods they need in their daily lives, and this price is still too high. Despite the recent decline in inflation in the United States, commodity prices are rising, albeit slightly slower than before.
In the eyes of consumers, the prices they see in food stores and gas stations are significantly higher than they were a few years ago. According to the U.S. Department of Labor, the average selling price of whole milk in the United States in August was $3.93 per gallon, still nearly $1 more expensive than in August 2019, an increase of 29%.
"Falling inflation is not the same as falling prices." Tim Quinlan, senior economist at Wells Fargo, pointed out that "for consumers, as long as prices remain high, it will affect consumer confidence to some extent." ”
According to the Fox Business website in the United States, due to persistent inflation, the price of beef and pork in the United States remained high, and ordinary consumers had to turn to slightly cheaper chicken. However, chicken prices in retail stores across the U.S. have also risen in line with increased demand, reaching record highs and are expected to remain high.
Screenshot of the Fox Business Channel website report
Per capita chicken consumption in the U.S. is expected to exceed 100 pounds (about 45.4 kilograms) for the first time in 2023, according to the U.S. Department of Agriculture. In addition, retail prices of fresh whole chicken and boneless chicken legs in the United States reached new highs in August.
As consumers pay higher and higher prices, indices show that U.S. chicken producers' profit margins are at their highest level in a year.
Adam Speck, senior commodity analyst at Gro Intelligence, a U.S. agricultural data analytics firm, said further increases in chicken prices could threaten consumer demand.
But on the other hand, Bill Densmore, senior director of Fitch Ratings, believes that if beef prices remain high, consumers cannot choose meat protein other than chicken, and the demand for chicken will increase.
(Compiled by Gao Linlin)
Source: China Daily