Black families experience higher and more volatile inflation, impacting prices on groceries and household essentials, according to a report published Monday with research from UC San Diego's School of Global Policy and Strategy.
Lee's research suggests income inequality in the U.S. is rising faster than current estimates. His data also revealed that Black households tend to have fewer options when inflation increases. He found white households would shop at less expensive supermarkets and convenience stores; however, many Black households were already shopping at these markets.
Additionally, with high gas prices, it becomes more difficult for these families to use transportation to find essential goods, so if a product is out of stock, it often means low-income shoppers can't buy it at all, Lee said. The study used survey responses from 60,000 U.S. households from 2004 to 2020 that continually provided information about what products consumers buy and when and where they make purchases. According to the data, race is self- reported by households by one of four options: white, Black, Asian and other. Most households — 82.2% — identified as white and 10% identified as Black.
Last month, Federal Reserve Chairman Jerome Powell said in order to combat inflation, an increase in interest rates was necessary. Lee said while this was certainly a step towards reducing inflation, it was far from the only policy action available. "It is so true that the Fed should increase the interest rate to fight against historically high overall inflation rates," he told City News Service."That is an efficient tool to reduce overall inflation, and it will naturally benefit the poor and minority too.
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