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It makes sense - even after the inflation numbers go down, it just means that the prices have increased by less compared to before, not that prices went down - people have seen an erosion in spending power, which leads to negative sentiment towards the economy.
An awesome song based on Cult of the Lamb: https://open.spotify.com/track/7etapJllOwS8pDdURBYkJB?si=iApE2ARpSFyFYiabFntzdg