![]() ![]() In fact, in Q2 2022 mentions of inflationary language in Yelp reviews have increased by 28% compared to the same time period in 2021 and 33% compared to Q2 2020 – with inflation mentions increasing faster than ever before. While it’s expected the Fed will continue raising rates, Americans are already coping with increasing prices at restaurants, grocery stores, gas stations, retail stores, hotels and more. To counter skyrocketing inflation rates, in June the Federal Reserve increased interest rates by three-quarters of a percentage point. quickly increased above market forecasts to 9.1% in June of 2022, a 40-year high. Consumers Report Inflationary Experiences at Record Rates In the first half of 2022 they’re also waiting longer than ever to get a reservation at restaurants. Yelp data also found that while fewer consumers sought out higher-priced businesses than earlier in 2022, they’re still looking for high-priced businesses more than pre-pandemic. In Q2 2022, Yelp data shows consumers are experiencing inflation at record rates, with some states experiencing inflation more than others, and for the first time consumers are reporting experiences of shrinkflation in their reviews, as well as increasingly seeking electric vehicles in response to rising gas prices. To provide insight on the impact of these shifting circumstances on local economies, Yelp has regularly reported on how businesses operate and how consumers are reacting. ![]() However, the challenges facing local economies have been relentless – from an ever-changing pandemic with new variants regularly emerging, staffing shortages, supply chain issues, social justice and human rights inequalities, rapidly increasing inflation and rising interest rates, to name a few. When given the opportunity communities have come together to support and uplift one another under challenging circumstances. If the last few years have demonstrated anything it’s the resilience of local businesses, people and communities in the U.S. For more on the methodology for this report, click here.
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