US inflation hurting poorer citizens – St Louis Fed research
Nearly 90% of low-income households report significant stress from inflation
Low- and middle-income households are forgoing necessities due to the cost of inflation, research from the Federal Reserve Bank of St Louis finds.
Households delayed major purchases, contributed less to savings and retirement, and delayed medical treatment, writes Institute for Economic Equity data scientist Lowell Ricketts.
They also worked additional jobs and shifts, purchased less fresh produce, and increased their credit card, loan and pawn shop usage. “As of June 2023, 85.7% of
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