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Inflation is down significantly from a year ago, and some noteworthy forecasters say the prospects are bright for even lower levels in the days ahead. But, strangely enough, consumers are still deeply worried about high prices, especially for things they are required to buy.

Consider this apparent contradiction. Wells Fargo Economics expects inflation, as measured by the Consumer Price Index (CPI), to register 2.9% this year and 2.5% in 2025, compared with 4.1% in 2023. The Wall Street JournalƵs economics panel is calling for about 2.3% in 2024 and 2025. In theory, consumers agree. The latest University of Michigan Consumer Sentiment Survey shows they expect lower future inflation, which is exactly what the Fed and most everyone else is pulling for. But the same survey shows consumers are simultaneously worried about higher prices going forward.

Bruce Yandle is a distinguished adjunct fellow with the Mercatus Center at George Mason University and dean emeritus of Clemson University’s College of Business & Behavioral Science. He wrote this column for .

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