AbstractThe purpose of this paper has been to compare research evidence related to consumer attitudes to specific price increases and to inflation as a general phenomenon with attitudes of British governments as expressed in government anti‐inflation policies. In carrying out the enquiries the aim was to bridge the gap between economics and psychology. The findings indicate that the learning and relearning of prices in time of inflation presents considerable problems; so does communication between governments and the public. One message which would appear to have got through to governments is that of consumer discontent with rising prices. In response governments have at times introduced price restraint policies. The author suggests that the existence of inflation has shifted the focus of attention from satisfactions to dissatisfactions and that it may be necessary therefore to examine which factors are most important for consumer studies and for government policies: consumer attempts to maximize their satisfactions or their attempts to minimize their discontent