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Cost of living crisis? Consumers keep spending for now

Consumer-focused firms are seeing no shortage of demand despite the soaring cost-of-living, prompting several to upgrade sales forecasts for the current year, though questions remain about how long that will last.

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"What we've seen is that the consumer has accepted these price increases but inflation is not pulling back," said Ashish Sinha, portfolio manager at Gabelli. "So as inflation increases, that raises questions on demand elasticity."