I think for U.S. consumers, the rate of price rise matters more than the magnitude. Prices jumped from $2.xx to $4.xx immediately after Katrina, and I think it really did get people to economize in ways that they wouldn't have done if the same jump had been spread over several years.
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I think for U.S. consumers, the rate of price rise matters more than the magnitude. Prices jumped from $2.xx to $4.xx immediately after Katrina, and I think it really did get people to economize in ways that they wouldn't have done if the same jump had been spread over several years.