Inflation hits lower income Americans hard
April 6, 2022
Low-income households spend 77 percent of their income on necessities compared to 31 percent for those in higher income brackets. Lael Brainard, a governor of the Federal Reserve, said lower income consumers have fewer options for saving when inflation hits. “A household that had been purchasing brand-name cereal could save money by purchasing store-brand cereal instead, perhaps even eliminating any effect of the price increase on their actual spending while purchasing the same quantity of cereal,” she said. The same is not true of consumers already buying private labels.
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