Inflation and inflationary stress, two different things

According to US statisticians, inflation has been slowing for almost eighteen months and now is approaching the Fed's target. Inflation of around 3% is a huge improvement from a peak of 10%. Consumers do not see it that way. They pay attention to the price level, so they tend to think that 3+10 is 13. The cost of living remains their major concern, and their confidence is suffering as a result. To date, inflationary stress has not stopped them from spending their income, and even...