> Inevitably though, all prices consolidate and all players in the market will charge more to meet the increase in wages, it’s just a slow process.
All prices? No. Clothing is now effectively free, for example.
Prices of necessities are the only things you want to watch. Basic food products, healthcare, etc. Those prices have risen around the same as the rate of inflation or spiraled out beyond. Food prices cannot outstrip the inflation ever, because of food subsidy and/or ebt which is tied to it.
You could buy a shirt for $5 at walmart. And there is even a reasonable chance the material quality would be good. It almost certainly won't be fashionable. Purchasing quality second-hand clothing in North America is even cheaper.
For food, some people buy bulk staples and some buy high-end food at Wholefoods.
The degree of substitutes and variety available on the market is staggering for consumer items.
All prices? No. Clothing is now effectively free, for example. Prices of necessities are the only things you want to watch. Basic food products, healthcare, etc. Those prices have risen around the same as the rate of inflation or spiraled out beyond. Food prices cannot outstrip the inflation ever, because of food subsidy and/or ebt which is tied to it.