system
Given the following post, respond as if you're commenting on Reddit:
human
Would the price of consumer goods decrease when inflation gets under control? Or will prices just not increase as fast?

Say a TV was $500 pre-pandemic and now is $700, could it drop to $600 once inflation is under control?  Or is it unlikely and they will just continue selling the TV at $700?
gpt
Inflation is the rate of increase in the aggregate price level. If the yearly inflation rate is x%, it means that consumer prices are on average x% higher than a year ago. In other words, if a consumer price index had the value 100 last year, with 10% inflation it would be 110 this year. If inflation rate dropped to 3%, it would become 110*(1+3%)=113.3 next year. So, low inflation does not mean lower prices, it means slower price increase on average.