Adviser’s Note: The views, thoughts, and opinions expressed in this opinion article belong solely to the author and do not reflect the views of The Colt Chronicle Staff, Kinnelon High School, or its students and staff members.
With prices going up, everyone, from families to businesses, is really having to think about their financial decisions and whether to save or spend money. It changes what we buy and even our daily choices.
Everywhere you look, prices just keep going up. Inflation has really shifted how everyone sees things. From the cost of gas to prices in stores, inflation has changed the way the world is viewed. Today, the word inflation has more of an emotional and relatable feeling than it has ever had before. As consumers struggle with economic uncertainty, the meaning of “inflation” has taken a shift.
According to federalreserve.gov, inflation is traditionally defined as the increase in the prices of goods and services over time. This definition is measured using things like the Consumer Price Index, which is a website that is used to track and measure changes in the prices of goods. Nonetheless, the public conversations simplify inflation to be things being expensive, rather than a shift in the rate at which prices go up. This definition shift is what draws a clear line between economic measurement and experiences.
It appears that a lot of people, specifically high school students, focus less on the percentages and more on the daily impact. Junior Natalia Carvajal explains that inflation to her is “when everything costs more than it used to, especially food products.”
Sophomore Bella Loria describes it as “the reason a simple meal now costs around $10.” When students are asked about what inflation means, these responses show how inflation is primarily understood as an experience rather than just an economic indicator.
It’s not just about prices being higher; it’s about how quickly they are rising. People’s understanding of inflation often shifts during economic stress and price increases, when the necessities, like groceries and rent prices, increase faster than a person’s income.
Consumer perception data really emphasizes the disconnect between inflation facts and experiences. According to the New York Reserve Bank Survey of Consumer Expectations, many people and families keep expecting high inflation even though the data is showing that the increase in prices is actually slowing down. What people expect really matters because it changes how they spend and save, and that can actually shape where the economy goes in the future.
The media also plays a major role in reshaping the meaning of inflation. When several headlines highlight huge price increases without much context, it can amplify people’s confusion. Junior Alexandra DeAngelo says, “ Headlines make inflation sound like this big dramatic thing all of the time, so it’s kinda hard not to think everything is just gonna keep getting worse.”
The evolving meaning of inflation reflects more than the change in prices. It shows how economic language adapts to human experiences. What used to be a technical term is now thought of as financial uncertainty. As inflation continues to publicly take control of conversations, its definition will likely continue to be shaped not just by data, but by how people feel when they look in stores, at receipts, paychecks, and the future.
