#MattKlein makes an interesting point. Spending seems to be growing at a rapid clip, but stuff like the interest we don't receive on our checking account banks earn more than 5% risk-free is imputed as "spending", as if we pay a bank fee. Much of the spending growth seems to be in these kinds of imputed categories, which may be less inflationary than other kinds of "spending". https://theovershoot.co/p/is-consumer-spending-slowing