People between the ages of 45 and 54 have borne the largest brunt of the 7.5% inflation rate.
The latest edition of the consumer price index showed that inflation was running at a pace of 7.5% in January, representing a 40-year high. The cost of everything from rent to dairy to used cars rose in January, showing how inescapable the run-up in consumer prices has been.
The impact differs based on age, the Moody’s analysts noted in its recent report. People between the ages of 45 and 54 have borne the largest brunt of high inflation, seeing their expenses increase $305 on a monthly basis. Comparatively, Americans who are 65 years and older are only spending an additional $194 per month.
The silver lining for households is that the rate of consumer-price growth may soon start to slow a bit. Supply-chain challenges have remained a driver of high inflation throughout the pandemic, but those issues could start to abate soon.
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