MEMPHIS, Tenn. — Inflation is biting a lot harder for the 60% of Americans living paycheck to paycheck, despite the best job market since the 1940s and wages going up.
From haircuts to hamburgers, no one likes paying more, but the hardship is much worse when folks have little money to spare.
The numbers tell the story.
Inflation is at a 40-year high, gas prices have jumped 48% in a year, groceries are up 10% and rent is up 20%.
That matters more to low-income families because they spend about 26% of their monthly budget on food, while high-income households spend 9%.
It's the same story for housing and gas.
Economists predict this past month should be the worst for inflation, but if they're wrong, and they have been before, it's feared more people will start cutting back. If that happens, a recession could be next.
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