One of the most significant ways that inflation can hurt American consumers is by reducing their purchasing power.
When the price of goods and services increases, the same amount of money buys less than before.
This means that people need more money to buy the same things they used to be able to buy with less.
This can be especially hard for people with fixed incomes or those with low-paying jobs, who may struggle to keep up with rising costs.
Another way that inflation can harm American consumers is by leading to higher costs of living.
When prices rise, people have to pay more for everything, including food, housing, and healthcare.
These increased costs can put a strain on people’s budgets, making it harder to save money or afford other important expenses.
Inflation can also lead to wage-price spirals, where workers demand higher wages to keep up with rising prices