Opinion by Catherine Rampell: Inflation is less severe than it was a few months ago. But constantly monitoring how and where they spend money is stressing more than Americans’ wallets.
No single family’s financial fortunes will be representative of all Americans’ experiences, of course. Everyone buys slightly different bundles of products and has different expenses and cash flows. But with the help of researchers Alexander Arnon and Xiaoyue Sun at theCatherine Rampell: Why does the IRS need $80 billion? Just look at its cafeteria.Arnon and Sun used government data to examine the kinds of products purchased by households in different income tiers.
That’s all before taxes are taken into account. Penn Wharton estimated how much different households’Making matters worse, inflation was higher on essential items like food, housing and transportation, which make up a larger share of lower-income budgets and are hard to cut back on. The lowest-income households were likely already buying off-brand cereal and regular eggs, so they can’t always move down a tier. Their option is to pay more for the things they already buy, dip into savings or forgo what discretionary items they can.Got your own inflation story to share? The Washington Post wants to hear from you.Food may be, for some, a small part of their overall expenses relative to income. But it’s a pretty salient spending category.
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