Inflation hurts more if you’re Black or Hispanic, New York Fed study says Medora Lee USA TODAY
75% of middle-class households say their income is falling behind the cost of living. A high rate of inflation — 9.1% in June from a year earlier — has taken a toll on household budgets.Jul 18, 2022
High inflation appears to be a distinguishing characteristic of 2022 and possibly beyond, rather than being “transitory” as policymakers had previously predicted. In a recent World Economic Forum research, a staggering 96% of economists surveyed predicted that American families would have to deal with “high” or “extremely high” inflation for the remainder of the year.
The invasion of Ukraine by Russia in February was a major factor in the bleaker outlook, further destabilizing the price of food and energy.
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Benefits Everyone Needs
Nexus Cashback Rewards Program offers consumers free apps that lowers the cost of gas, food, and other household essentials. The Cashback apps return cash back to the user.
The Average member savings is $400/month – 5,000/yr.
Financial Analysts offers few solutions to fighting inflation other than showing consumers ways to cut back on spending. The recent article “Build a 2022 ‘Inflation Fighter Budget” written by Carol Ehlers, University of Iowa, Human Sciences Extension and Outreach Coordinator, shows how consumers can measure the effects of inflation on their budget using The CPI Calculator available on The Bureau of Labor Statistic’s website.
The Bureau of Labor Statistics released the example below showing the impact of inflation:
“A Midwest household of three with a basic budget of $4,982 ($59,784 annually). shows a loss of consumer buying power from December 2020 to December 2021. Due to inflation, the family would spend an additional $350 in December 2021 to pay for the same goods and services.”
While the recommendations from financial planners and other financial advisors to cash strapped consumers is work within a budget or live below their means, there is only so much cutting back that a family can do.
Families Save Money on Gas, Groceries and more.
Nexus Rewards is designed to help the average family fight inflation by providing knowledge of apps that can lower the costs of goods and services. These apps put money back into the consumers’ pocket:
Economically vulnerable households and anyone who shops benefit from the cashback programs Nexus Rewards promotes itself as “The Ultimate Cash Back, Savings and Membership Club”, helping families find ways to receive money back on items they already purchase (i.e.) food, gas, travel, insurance, healthcare, prescription drugs and more.