US inflation creates wealth gap, adds stress to households: DC News Now

Inflation is taking a toll on all of Americans, but, according to a recent study, the impact is affecting some families more than others, namely the low-income ones, the DC News Now reported recently.

Circana Market Research said economic trends are creating a "wealth gap" and households earning 50,000 US dollars a year and less are suffering most, according to the report released on Tuesday.

"Some of the issue is fueled by retailers' focus on consumers with more disposable income, rebranding products and services as 'premium,' with a higher price tag," it noted.

Meanwhile, as interest rates increase, lower-income households are finding access to credit increasingly difficult, creating an additional challenge, said the report.

"Everything is going up," Brenda McCray, a common US consumer, was quoted as saying. "I am on a fixed income and prices are going up, gas is going up, insurance. Everything is going up."