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An Update About How Inflation Has Affected Households at Different Income Levels Since 2019

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  • Congressional Budget Office

Abstract

CBO updates its prior work about how inflation and changes in income have affected households at different income levels since 2019. The agency’s analysis focuses on households’ 2019 consumption bundles—that is, baskets of goods and services representing consumption in a typical year before the coronavirus pandemic—to compare households’ purchasing power in 2019 with that in 2023. CBO found that, on average, households’ purchasing power based on those consumption bundles increased over the period but that the effects of inflation varied by income group.

Suggested Citation

  • Congressional Budget Office, 2024. "An Update About How Inflation Has Affected Households at Different Income Levels Since 2019," Reports 60166, Congressional Budget Office.
    • Handle: RePEc:cbo:report:60166
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    File URL: https://www.cbo.gov/system/files/2024-05/60166-Inflation.pdf
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    More about this item

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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