New NBER research sheds light on ‘cheapflation’

Savings from price discounts partially offset by price hikes for cheaper products


Inflation for cheaper products was higher than that for more expensive products, according to a new working paper from the National Bureau of Economic Research (NBER).

The phenomenon, termed “cheapflation” by researchers Alberto Cavallo and Oleksiy Kryvtsov, was observed in a study analysing prices of food products offered by 91 large multi-channel retailers across 10 countries from January 2018 to May 2024.

The countries sampled include Argentina, Brazil, Canada, France, Germany, Italy, the

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