Inflation here? gas/grocery prices just continue to climb

DaveXA said

Eventually consumers are simply going to buy less than they would have or stop buying entirely in some situations.

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Yep. In most cases, you can't cut out gas because you need it to go to work to make money. You might be able to cut back a little on food or maybe buy the store brand rather than brand name item, but you still need food. It's going to be the extras - books, electronics, concerts, etc. that will be cut out first.