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Latinos Hit the Hardest by Biden’s Inflation

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The Latino community in the United States, followed by the African-American community, is the most affected by rampant inflation, which last May stood at 8.6%, the highest in four decades, according to the Federal Reserve (Fed).

In a brief report, the most important branch of the central bank, which makes its calculations based on the consumption habits of the different communities in the country (whites, Asians, African-Americans, and Latinos), specified that inflation for Hispanics stood at 9.2 % in May, 0.6 % more than the consumer price index for that month.

For the African-American community, the inflation rate was 8.8%, 0.2% higher than the 8.6% rate.

The New York branch of the central bank said that, according to the Bureau of Labor Statistics (BLS) consumer spending survey, African-Americans spend relatively more on transportation and housing and relatively less on food and leisure than White Americans.

It further notes that these demographic disparities have more than doubled since 2019, just prior to the outbreak of the pandemic, and acknowledges that its estimates likely underestimate the actual inflation gaps for these communities.

According to BLS data, while the U.S. unemployment rate went from 4.6% in October 2021 to 3.9% in December 2021, that of the black community evolved from 7.8% in October 2021 to 7.1% in December 2021, and that of Latin Americans progressed from 5.7% in October 2021 to 4.9% in December 2021.

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