The fact is that the dismal consumer sentiment that has persisted throughout President Donald Trump’s second term is not because of burrito prices or even “inflation,” by the technical definition of the term. Rather, everyone is mad that price levels don’t go back down again, and as far as those prices go, they’re specifically livid over service prices. For example, nominal wages have risen about 32% since February 2020. By contrast, since the start of Trump’s second term, nominal wage growth (5.5%) has outpaced the increase in CPI (4.4%). But to the extent that the public cares about burrito prices, they really care about service prices.