When inflation took off in the 1960s, people didn¡¯t just grumble about rising prices ¡ª they protested in front of local stores. It¡¯s time this generation of consumers push back harder against unnecessary price increases. Doing so might help avoid more destructive interest rate hikes.
Happily, the anti-inflation movement seems to be gaining steam.
The chief economist of UBS Global Wealth Management, Paul Donovan, is an unlikely revolutionary. In a recent note on how corporate profits have stoked inflation, he proposed a radical-sounding solution: a consumer rebellion against unfair price hikes. ¡°Convincing consumers not to passively accept price increases is a potentially faster and less destructive way of reversing profit-margin-led inflation,¡± he wrote.
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