Thanks a boatload Joe Biden, Janet Yellen and Jerry Powell.
Low-income Americans bore the brunt of job losses when the pandemic arrived. Now they’re getting hit hardest by price increases as the economy recovers.
The headline consumer inflation rate in the U.S. remains subdued, at 1.7% — but it masks large differences in what people actually buy.
Some of the biggest price hikes of recent months, for example, have come in gasoline. A gallon of regular is up 75 cents since late last year –- adding more than $60 a month to the budget of someone who fills up with 20 gallons a week.
Food-price inflation is running at more than double the headline rate, and staples like household cleaning products have also climbed.
CPI “inflation” is considerably higher than “Core” inflation that The Fed watches.
Lower-income households general consumer more food as a percentage of their household budget.
“C’mon man, I gave you $1,400 to cover the inequities created by The Federal Reserve.”