By Ann Brown
Like it or not, inflation is here and it looks like it’s here to stay for a while. The Federal Reserve “is openly nervous about rising prices, but it isn’t doing anything abrupt to counteract them,” The New York Times reported. So far this year, consumer prices have continuously risen.
Inflation hurts Black America. Here are five things to know.
1. Inflation means minimum wage workers are poorer
Wages are rising at their fastest rate since the 1980s, but they still aren’t keeping up with inflation.
With prices rising so fast, minimum wage workers are poorer than they have been in decades, Business Insider reported. According to the U.S. Bureau of Labor Statistics, 3 percent of minimum wage workers were Black Americans in 2018.
2. Inflation has given workers a 2 percent pay cut
The average hourly wages increased 3.6 percent in June compared to a year ago — the biggest increase in more than a decade. But due to increased inflation, once workers pay for their goods and services, they have actually been dealt a 2 percent cut in pay, CNBC reported.
So workers’ “real wages” — a measure of income after accounting Click here to read entire article