A closer look

Next time global wheat prices crash, don't expect your grocery bill to magically follow suit. Welcome to the 'rockets and feathers' phenomenon of pass-through asymmetry. When a supermarket's supply costs go up, they immediately launch retail prices skyward like a rocket to protect margins. But when wholesale costs drop? They let prices float down gently like a feather, happily pocketing the difference for months because consumers have already anchored to the new, painful price.