Inflation is battering lower-income households most as food, housing costs soar, Fed study says
“Low-income households are being hit hardest by inflation because surging food and housing costs make up more of their spending, according to a study by the Federal Reserve Bank of New York. The finding marks a reversal of the pattern that prevailed when consumer prices initially spiked in 2021 and early 2022, which showed the most severe impact on middle-income Americans.”