Hidden Inflation: U.S. Consumers Adjust Spending Habits Amid Soaring Prices

U.S. consumers have watched food and fuel prices eat away at their household budgets, and now those price hikes are spreading to other products - with the worst yet to come. New York Federal Reserve Bank President William Dudley recently got a taste of public frustration with higher prices. He spoke to a crowd in Queens, New York on March 11 to tackle a mountain of food inflation questions. Dudley told the audience that while some prices are rising, other products are cheaper - like the Apple Inc.'s (Nasdaq: AAPL ) latest iPad. "Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful," said Dudley. "You have to look at the prices of all things."
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