Prices are rising for nearly everything, biting into everyone’s income. But the surging cost of food, specifically, hits especially hard, exacerbating the wealth and income disparities between the richest and poorest Americans.
The Federal Reserve has been patient throughout the Covid-19 pandemic about achieving full employment to help the broadest set of Americans. Now, it is pivoting toward fighting inflation. This shift is critical to help tame higher prices in virtually every category and will require a measured and well-communicated plan to raise interest rates.
