A series of blog posts from New York Fed researchers unveil changing disparities in inflation rates .
People living in rural areas were especially hammered by higher-than-average consumer prices earlier in the pandemic, experiencing an inflation rate that was 2 percentage points above urban households in February 2022, researchers at the Federal Reserve Bank of New York said in a series of blog posts Wednesday. The disparity can largely be attributed to people in more remote parts of the U.S.
The disparity can largely be attributed to people in more remote parts of the U.S. devoting a larger share of their spending toward transportation, a sector that was rattled by a spike in used car costs and volatile gas prices in 2021 and 2022, the New York Fed researchers said in their analyses. As transportation costs have moderated, however, the earlier disparities in inflation rates have narrowed, too, the New York Fed researchers said. In fact, by December 2022, rural inflation was below the national average, and the inflation rate for Hispanic households was 0.27 percentage points above the national average, compared to a more severe disparity of 1.5 percentage points in June 2021.
“Inflation disparities, having widened as inflation rose sharply in 2021 because of differing exposures to transportation costs across demographic and income groups, are now narrowing as transportation inflation converges toward average inflation,” New York Fed researchers Rajashri Chakrabarti, Dan Garcia, and Maxim Pinkovskiy said in a blog post about disparities in inflation by income and race Wednesday.
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