The Federal Reserve's Beige Book shows that economic activity has 'slightly' increased since mid-January, but consumer spending has decreased. The report states that 'overall consumer spending has declined, with reports of strong demand for essentials, but increased price sensitivity for discretionary items, especially among low-income shoppers.' Meanwhile, prices have 'moderately increased,' with some regions experiencing faster price rises than before. The Federal Reserve noted that 'unusual weather conditions' in some areas have weakened demand in the leisure and hospitality sectors.