- A study published Wednesday by the Federal Reserve Bank of New York reported that the primary burden of inflation has shifted from middle class to low-income households thanks to a shift in the spending categories hardest hit by price hikes.
- As the cost of gas falls and the price of food and housing surges, lower-income households, defined as those earning less than $50,000, now face higher effective costs — roughly 0.3 percentage points higher than average — since they spend a larger portion of their income on food and housing than middle and high-income households.
