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Why prices are so weird

10-7-2024 < Attack the System 56 202 words
 
If the cost of living in America is giving you whiplash right now, you’re not alone.

Over the past few years, we’ve (perhaps begrudgingly) grown accustomed to dynamic pricing. Whether it’s the cost of Ubers, airline tickets, or popular artists’ concerts, prices that fluctuate based on market conditions are the new norm.



But after a few years of infecting big-ticket items, writes Business Insider’s Emily Stewart, wildly varying prices are coming to everyday items — and it’s driving Americans crazy.



Remember Wendy’s “dynamic pricing” fiasco? The fast-food chain botched the rollout of its new variable price model and had to insist it wouldn’t be used to charge more during peak hours. More recently, Walmart introduced digital price tags, which some people said could be used for variable pricing. (Walmart said its “everyday low price” strategy isn’t changing.)



And when prices aren’t fluctuating, they’re simply higher: Everything from fast food to new homes has shot up in price since the pandemic.



The result can be maddening, especially when we can clearly remember a time when prices felt more reasonable. The constantly changing costs have consumers feeling a sense of price fatigue, Emily writes.

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