A change in where inflation is coming from has caused a change in which groups face the highest price pressures.
inflation is coming from has caused a change in which groups face the highest price pressures.from the New York Fed. Now, those pressures have shifted to low-income families.bears the brunt of higher prices shapes the political and economic dynamics of inflation.
The data suggest that inflation is shifting from an annoyance for middle-class earners to a more severe burden on poorer families that can least afford higher prices.Different groups of people — rich vs. poor, urban vs. rural, and so on — tend to spend their money differently. Researchers Rajashri Chakrabarti, Dan Garcia, and Maxim Pinkovskiy examined how, given those different spending patterns, inflation rates vary by group.
That reflects that they spend a larger share of their income on used cars and fuel than either the poor or the rich . But in recent months, gasoline and used car prices have fallen. Meanwhile, the cost of rent and groceries, which poor Americans spend on disproportionately, have risen. As a result, U.S. consumers in the bottom 40% of the income distribution now have the highest inflation rate, about 0.3 percentage points higher than average.has played out with other groups. The shift of inflation that took place over the course of 2022 — from energy and used cars to food and rent — has changed who is hit hardest.experienced inflationEarly last year, both Black and Hispanic households faced inflation about 1 percentage point higher than the overall inflation rate.
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