The coronavirus pandemic has led to a new era of inflation inequality, economists warn, in which poor households bear the brunt of rising prices.
That's because a bigger portion of their budget goes toward categories that have spiked in cost. Food is up 6.4% over the past year, for example, while gasoline jumped a whopping 58%. And now many people are facing those higher prices as federal stimulus programs fade away.
Meanwhile, pandemic-related production disruptions have driven up the costs of commodities that poor households rely on. In 2019, a joint paper from researchers at Columbia and the London School of Economics estimated that about 3 million more people would qualify as living in poverty if their incomes were adjusted for the inflation rates they experience.
But Republicans fear just the opposite: That more money from Washington will lead to even higher inflation, placing a bigger burden on the poor.
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