Inflation rates for the lowest income households were almost always higher than for the highest income households between 2005 and 2021. The biggest difference was seen in December 2008, when the lowest income households experienced inflation rates 0.8 percent greater than the highest income households. In 2021, the difference in the inflation rate experienced by the lowest income households and the highest income households fell considerably, reaching -0.52 percent in July 2021, meaning that inflation was 0.52 percent higher for the highest earners versus the lowest earners.
The Consumer Price Index
The consumer price index (CPI) measures the rate of inflation on a basket of goods as a way to document the general inflationary experience of all urban consumers. While this measure of inflation can give us insights into the general price increases of consumer goods, it may not reflect the actual inflation experienced by any given household. Consumers from different income brackets actually behave quite differently when it comes to consumption preferences and their willingness to pay.
Inflation in 2022
2022 was an exceptional year for inflation worldwide due to a multitude of factors relating to the COVID-19 pandemic and the Russian invasion of Ukraine. The inflation rate in the United States reached a high of 9.1 percent during the summer, with consumers experiencing record fuel prices, and increased concerns over the state of the economy. Despite the 2021 figures indicating that inflation has been higher for the highest earners, the pandemic saw U.S. billionaires increase their wealth by 57 percent between March 2020 and March 2022.
Difference in inflation rates between lowest and highest income quartiles in the United States from 2005 to 2021
Characteristic
Difference in inflation rate
Dec-2021
-0.36%
Nov-2021
-0.25%
Oct-2021
-0.18%
Sep-2021
-0.2%
Aug-2021
-0.35%
Jul-2021
-0.52%
Jun-2021
-0.5%
May-2021
-0.21%
Apr-2021
-0.11%
Mar-2021
0.35%
Feb-2021
0.53%
Jan-2021
0.4%
Dec-2020
0.26%
Zoomable Statistic: Select the range in the chart you want to zoom in on.
Created with Highcharts 7.2.2Difference in inflation rate0.23%0.23%0.16%0.16%0.3%0.3%0.35%0.35%0.23%0.23%0.17%0.17%0.25%0.25%0.27%0.27%0.36%0.36%0.47%0.47%0.42%0.42%0.38%0.38%0.34%0.34%0.29%0.29%0.08%0.08%-0.01%-0.01%-0.02%-0.02%0.05%0.05%-0.08%-0.08%-0.04%-0.04%-0.07%-0.07%-0.08%-0.08%0.06%0.06%0.12%0.12%0.13%0.13%0.19%0.19%0.35%0.35%0.43%0.43%0.57%0.57%0.48%0.48%0.54%0.54%0.48%0.48%0.46%0.46%0.54%0.54%0.57%0.57%0.6%0.6%0.64%0.64%0.67%0.67%0.57%0.57%0.76%0.76%0.65%0.65%0.75%0.75%0.77%0.77%0.87%0.87%0.85%0.85%0.84%0.84%0.85%0.85%0.89%0.89%0.83%0.83%0.76%0.76%0.78%0.78%0.58%0.58%0.54%0.54%0.46%0.46%0.4%0.4%0.3%0.3%0.24%0.24%0.21%0.21%0.19%0.19%0.19%0.19%0.36%0.36%0.43%0.43%0.43%0.43%0.35%0.35%0.28%0.28%0.31%0.31%0.38%0.38%0.42%0.42%0.44%0.44%0.45%0.45%0.32%0.32%0.26%0.26%0.18%0.18%0.24%0.24%0.24%0.24%0.27%0.27%0.26%0.26%0.2%0.2%0.21%0.21%0.21%0.21%0.26%0.26%0.3%0.3%0.28%0.28%0.28%0.28%0.33%0.33%0.25%0.25%0.23%0.23%0.23%0.23%0.23%0.23%0.23%0.23%0.27%0.27%0.21%0.21%0.14%0.14%0.12%0.12%0.12%0.12%0.05%0.05%0.03%0.03%0.1%0.1%0.12%0.12%0.13%0.13%0.15%0.15%0.23%0.23%0.17%0.17%0.22%0.22%0.2%0.2%0.28%0.28%0.12%0.12%0.18%0.18%0.21%0.21%0.2%0.2%0.25%0.25%0.26%0.26%0.23%0.23%0.26%0.26%0.32%0.32%0.36%0.36%0.4%0.4%0.29%0.29%0.43%0.43%0.5%0.5%0.36%0.36%0.4%0.4%0.3%0.3%0.25%0.25%0.24%0.24%0.22%0.22%0.24%0.24%0.23%0.23%0.18%0.18%0.19%0.19%0.19%0.19%0.12%0.12%0.11%0.11%-0.01%-0.01%0.06%0.06%0.07%0.07%0.08%0.08%0.05%0.05%0.07%0.07%0.07%0.07%0.1%0.1%0.09%0.09%0.12%0.12%0.15%0.15%0.16%0.16%0.2%0.2%0.23%0.23%0.27%0.27%0.33%0.33%0.35%0.35%0.36%0.36%0.36%0.36%0.33%0.33%0.36%0.36%0.42%0.42%0.39%0.39%0.4%0.4%0.45%0.45%0.36%0.36%0.37%0.37%0.34%0.34%0.27%0.27%0.13%0.13%0.11%0.11%0.15%0.15%0.18%0.18%0.17%0.17%0.08%0.08%0.05%0.05%0.02%0.02%0.09%0.09%0.04%0.04%-0.01%-0.01%-0.02%-0.02%0.06%0.06%0.02%0.02%0.04%0.04%0.06%0.06%0.03%0.03%0.14%0.14%0.18%0.18%0.06%0.06%0.22%0.22%0.52%0.52%0.51%0.51%0.58%0.58%0.51%0.51%0.43%0.43%0.37%0.37%0.33%0.33%0.29%0.29%0.26%0.26%0.4%0.4%0.53%0.53%0.35%0.35%-0.11%-0.11%-0.21%-0.21%-0.5%-0.5%-0.52%-0.52%-0.35%-0.35%-0.2%-0.2%-0.18%-0.18%-0.25%-0.25%-0.36%-0.36%Jan-2005May-2005Sep-2005Jan-2006May-2006Sep-2006Jan-2007May-2007Sep-2007Jan-2008May-2008Sep-2008Jan-2009May-2009Sep-2009Jan-2010May-2010Sep-2010Jan-2011May-2011Sep-2011Jan-2012May-2012Sep-2012Jan-2013May-2013Sep-2013Jan-2014May-2014Sep-2014Jan-2015May-2015Sep-2015Jan-2016May-2016Sep-2016Jan-2017May-2017Sep-2017Jan-2018May-2018Sep-2018Jan-2019May-2019Sep-2019Jan-2020May-2020Sep-2020Jan-2021May-2021Sep-2021
-0.75%-0.5%-0.25%0%0.25%0.5%0.75%1%1.25%
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Bureau of Labor Statistics. (December 7, 2022). Difference in inflation rates between lowest and highest income quartiles in the United States from 2005 to 2021 [Graph]. In Statista. Retrieved December 23, 2024, from https://www.statista.com/statistics/1351161/inflation-difference-low-high-income-households-us/
Bureau of Labor Statistics. "Difference in inflation rates between lowest and highest income quartiles in the United States from 2005 to 2021." Chart. December 7, 2022. Statista. Accessed December 23, 2024. https://www.statista.com/statistics/1351161/inflation-difference-low-high-income-households-us/
Bureau of Labor Statistics. (2022). Difference in inflation rates between lowest and highest income quartiles in the United States from 2005 to 2021. Statista. Statista Inc.. Accessed: December 23, 2024. https://www.statista.com/statistics/1351161/inflation-difference-low-high-income-households-us/
Bureau of Labor Statistics. "Difference in Inflation Rates between Lowest and Highest Income Quartiles in The United States from 2005 to 2021." Statista, Statista Inc., 7 Dec 2022, https://www.statista.com/statistics/1351161/inflation-difference-low-high-income-households-us/
Bureau of Labor Statistics, Difference in inflation rates between lowest and highest income quartiles in the United States from 2005 to 2021 Statista, https://www.statista.com/statistics/1351161/inflation-difference-low-high-income-households-us/ (last visited December 23, 2024)
Difference in inflation rates between lowest and highest income quartiles in the United States from 2005 to 2021 [Graph], Bureau of Labor Statistics, December 7, 2022. [Online]. Available: https://www.statista.com/statistics/1351161/inflation-difference-low-high-income-households-us/
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