Retailers announce price cuts amid falling gas prices

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Several retailers recently announced significant price cuts aimed at providing consumers with financial relief. Some of these retailers include Target, Walgreens and Amazon. In addition to these retail discounts, gas prices are also on the decline.

While some of these price reductions are permanent, others are temporary, but they all share the common goal of easing the financial burden on shoppers. The majority of these price cuts focus on groceries, but consumers can also expect to find discounts on clothing and toys.

Dennis Hoffman, an economist at ASU, joined “Arizona Horizon” to discuss the broader implications of these price cuts. He explored how these reductions could influence inflation and what this means for the average consumer.

Hoffman’s insights shed light on the potential economic benefits and challenges associated with these price adjustments, helping viewers understand the short-term and long-term impacts on their finances.

One factor of why there are many price cuts is from the Fed raising interest rates. This will also affect housing and mortgage rates to increase for people. 

“Part of the problem, part of the pain is unevenness of the impact. It’s the uneven impact that’s really difficult for some,” said Hoffman. 

Phoenix was a prominent area for inflation as other cities weren’t hit as hard. 

“First of all, we were more open than others. We didn’t shut down as much as other places did in that our demand kept pace and people decided both locally here and from afar that Phoenix is a great place to live,” said Hoffman. 

Shelter is a significant component when it comes to inflation in addition to commuting to different areas. 

Hoffman also added it’s important to know the blend Arizona drivers use for gas. 

“It’s tough when you have a scarce unique blend, and that is what we went through last year. Gas prices are down a buck a gallon so this is evidence of what happens when that blend is abundant,” said Hoffman. 

Dennis Hoffman, ASU economist

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