The past year has painted a mixed picture from an economic and consumer perspective. Consumer markets and behaviors have begun to normalize after the pandemic. However, inflation remains a formidable financial consideration for consumers. Looking forward, consumer sentiment is improving, but economic headwinds warrant a close eye as beef prices are on the rise.
As of July 2023, overall inflation was 3.2% (12-month percent change), with retail prices, foodservice prices, housing prices, and core inflation all experiencing year-over-year increases, according to the U.S. Bureau of Labor Statistics, Consumer Price Index, Retrieved Aug. 15, 2023.