The cheapest US products have seen the fastest increase in price-level; implying lower-income households have faced even higher inflation
The cheapest US products have seen the fastest increase in price-level; implying lower-income households have faced even higher inflation
Thanks for posting this. Drives me crazy when people say “inflation is over” because the YOY level isn’t rising but then they don’t understand why the average person so feels worse off than 4 years ago.
According to this the median household income has actually fallen since 2020 too.
Inflation is over when wages rise to meet prices.
Any day now
Indeed, there's a lot of obfuscation happening regarding the actual state of the economy as experienced by regular people. Another related statistic is that majority of people can't afford to cover a mere $500 emergency expense. This indicates that people are effectively working on subsistence wages. The employers are paying them just enough so they don't starve, and pocket the entirety of the profit the labor of the employees produces.
“Mere” they say
Of course, the proletariat is always hit the hardest.