Although the rate of inflation in the US has fallen, it does not change the fact that already high prices are still rising – albeit more slowly than before. And it’s stressing out consumers in America – many are trying to maintain their standard of living by charging extra money on their credit cards (and at overdraft interest rates of more than 20%!). Currently available 40% are Americans More credit card debt than assets – and the trend is increasing!
Inflation may have eased in the U.S., but so has the burden it puts on American families, according to a survey. Census Bureau Not reduced, Bloomberg reports now.
Inflation in America: The Great Depression
More than half of respondents described the recent rise in the cost of living as “extremely burdensome” in the bureau’s Family Pulse Survey released last month. That’s a slightly higher rate than a year ago — even as the overall inflation rate fell by more than half over the period, from 8% to 3.7%.
According to an analysis of Census Bureau data by the Federal Reserve Bank of Dallas, southern states in the U.S. have been hit hardest by inflationary pressures.
Inflation and Stress: Rising costs burden people in poorer states in the US
The study found that Mississippi had the highest inflation stress score, followed by Louisiana and Alabama. Minnesota, Vermont and Wisconsin had the lowest rates of inflationary pressure.
This partially reflects the regional distribution of inflation in the United States, which is currently higher in the Southeast and lower in the Northeast.
But southern states have higher poverty rates and lower incomes than their northern counterparts.
Dallas Fed researchers found that in Texas income — a robust measure — as well as household size and race, as well as housing conditions, have the biggest influence on the high inflation burden. Hispanic and black households are more likely to experience inflationary pressures than renters.
95% of US consumers are experiencing inflationary pressures
“Even though inflation has slowed over the past year, the share of Texans who say they are very stressed about inflation has remained little above 50 percent,” write authors Aparna Jayashankar, a Dallas Fed research analyst, and Anthony Murphy, Sr. Economic Policy Adviser.
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