(WWLP) – Inflation is putting strain on budgets and balance sheets for people and businesses across the country. It’s bad for everyone, but some populations are seeing it worse than others.
Latino and Black Americans are being affected more by the same increases in consumer prices, according to an analysis from the Federal Reserve Bank of New York.
Minority populations spend a higher percentage of their budget on goods most affected by inflation like food, gas, and housing and spend less of their budget on low-inflation items like entertainment, healthcare, and education.
That reality follows the adverse effects of the pandemic, which hit those populations especially hard. As rent prices grow 67 percent of Latino renters and 57 percent of black renters reported a loss of income due to covid-19, compared to 51 percent of white renters.