Inflation likely hit another 40-year high in March, with prices up more than 8% from a year ago. Rising prices are especially hard on low-income people, who spend more of their money on necessities.
A shopper walks through a grocery store in Washington, D.C, on March 13. Surging inflation poses a particular challenge for working-class families, impacting the cost of basic necessities such as groceries. From rising rent to higher heating bills, surging inflation impacts everybody, but it poses a particular hardship for people with little extra money to spare.consumer prices in March were 8.
"I'm not making it to the end of the month anymore," she adds."Even getting a Big Mac now — a Big Mac meal is $8 — I can't afford it." "You have to be a little more cautious in what you cook and things you make and things you buy," she says. After Russia's invasion of Ukraine, gasoline prices jumped to $4.33 a gallon in March — an all-time high, not adjusting for inflation.
Kemp, the widow with the increased heating bill, has also cut back on driving to Fort Smith, Ark., about 35 minutes from her home in eastern Oklahoma. Federal Reserve Gov. Lael Brainard at her nomination hearing in Washington, D.C., on Jan. 13 after being proposed by President Biden to serve as the central bank's vice chair. Federal Reserve officials are well aware of the toll that inflation is taking, especially on lower-income families, a point that Fed Gov.
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