Consumer frustration with car and house prices is on the rise more than in the 1970s

This morning we received data on consumer sentiment from the University of Michigan, and it showed a surprise weakening in part due to rising consumer inflation expectations.

One thing that is clear from the report, which UMich himself pointed out, is the frustration over soaring prices for homes, vehicles and household durables.

In the note accompanying the data, survey director Richard Curtin writes:

Rather than creating jobs, stopping and reversing an accelerating inflation rate has now become a major concern. Inflation has put additional pressure on living standards, especially on low- and middle-income households, and has caused large discretionary purchases to be postponed, especially among high-income households. Consumer complaints about rising prices for homes, vehicles and durable household goods have reached an all-time high.

The emphasis is mine. The picture is truly astounding, however. Here are the references, among respondents, to high costs for these items (lower number = references to higher prices). And

It is an astounding gesture in a short period of time, and it speaks volumes about the importance of this issue.

In his two appearances before Congress this week, Jerome Powell has been constantly hammered on inflation by Senators and Representatives. Graphics like the ones above explain why.