Posted 12/27/2023, 11:30:00 AM
Inflation Hits 40-Year High in 2022, Sending Struggling Families to Food Pantries in Record Numbers
- Inflation surged to 40-year highs in 2022, weighing heavily on lower-income Americans and leading to record visits to food pantries
- Prices are still up significantly from pre-pandemic levels even as inflation cools, compounding the strain on household budgets
- Food, housing, and everyday items remain painfully expensive compared to 2020, before rapid inflation took hold
- Lower-income households tend to spend more on food and other necessities, making them especially vulnerable to price hikes
- If slower inflation persists and wage growth continues in 2023-2024, struggling families may get back on their feet and require less food pantry support