The wealth divide is spreading to inflation: New Fed data shows that lower income US households now face HIGHER rates of inflation than higher income earners. The bottom 40% of US households is seeing annual inflation rates of ~3.1%. Meanwhile, the middle 40% and top 20% see inflation rates of ~2.9%. Why is this happening? Because lower-income households are spending a higher % of their income on necessities. This includes rent, electricity, food, and transportation, which have far outpaced headline inflation numbers. Inflation remains higher for many US households.(The Kobeissi Letter)