in the United States — but people of color and rural households are feeling it the most.
Those with less income and wealth are less likely to have savings to buffer the current inflation shock. Therefore, the hit to their spending power is greater. African American, Hispanic, and Latino households spent 7.1% of their post-tax income on energy, for instance, compared to 5.4% spent by other demographics. These same households spent 12.5% of their income on food, compared to 11.1% for everyone else. In total, BofA researchers said the spending power shock from these higher inflation categories was 4% for African American, Hispanic, and Latino groups, compared to 2.9% for everyone else.
"All of the high-inflation categories, particularly energy and new & used cars, make up a larger share of the consumption basket for rural households," researchers said."They also earn and save less than urban households, and so inflation is a bigger drag on their income, and they have less buffer against the shock."
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