U.S. Inflation & Price Pressures Report: November 2023

November 2023

Report summary

Energy, housing and services categories of inflation continue to create headwinds for the Federal Reserve’s fight to bring inflation down. Historically indifferent to higher prices, Gen Zers are steadily becoming more price sensitive and engaging in more trading down behaviors. Affordability continues to be a concern for consumers, especially for big-ticket items like housing and autos.

Key Takeaways

  • Energy, housing and core services prices continue to prop up inflation, while consumers are more likely to walk away from purchases due to high prices than they were a year ago.
  • Baby boomers tend to be the most price sensitive and more likely than younger generations to trade down, but Gen Zers have recently been experiencing elevated levels of sticker shock and substitution.
  • High prices for big-ticket purchases like housing and autos have dampened consumer demand as affordability continues to be an obstacle.

About the authors

A headshot photograph of Kayla Bruun
Kayla Bruun
Senior Economist

Kayla Bruun is a senior economist at decision intelligence company Morning Consult, where she analyzes consumer spending, inflation and household finance trends, leveraging the company’s proprietary high-frequency data.

Prior to joining Morning Consult, Kayla was a key member of the corporate strategy team at telecommunications company SES, where she produced market intelligence and industry analysis of mobility markets. 

Kayla also served as an economist at IHS Markit, where she covered global services industries, provided price forecasts, produced written analyses and served as a subject-matter expert on client-facing consulting projects. 

Kayla earned a bachelor’s degree in economics from Emory University and an MBA with a certificate in nonmarket strategy from Georgetown University’s McDonough School of Business.

Follow her on Twitter @KaylaBruun. For speaking opportunities and booking requests, please email [email protected]

A headshot photograph of Sofia Baig
Sofia Baig

Sofia Baig is an economist at decision intelligence company Morning Consult, where she works on descriptive and predictive analysis that leverages Morning Consult’s proprietary high-frequency data. Previously, she worked for the Federal Reserve Board as a quantitative analyst, focusing on topics related to monetary policy and bank stress testing. She received a bachelor’s degree in economics from Pomona College and a master’s degree in mathematics and statistics from Georgetown University.

Follow her on Twitter @_SofiaBaig_For speaking opportunities and booking requests, please email [email protected]