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Rural Households Hit Hardest by Inflation in 2021-22

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Abstract

To conclude our series, we present disparities in inflation rates by U.S. census region and rural status between June 2019 and the present. Notably, rural households were hit by inflation the hardest during the 2021-22 inflationary episode. This is intuitive, as rural households rely on transportation, and especially on motor fuel, to a much greater extent than urban households do. More generally, the recent rise in inflation has affected households in the South more than the national average, and households in the Northeast by less than the national average, though this difference has decreased in the last few months. Once again, these changes in inflation patterns can be explained by transportation inflation driving a large extent of price rises during 2021 and much of 2022, with housing and food inflation lately coming to the fore.

Suggested Citation

  • Rajashri Chakrabarti & Dan Garcia & Maxim L. Pinkovskiy, 2023. "Rural Households Hit Hardest by Inflation in 2021-22," Liberty Street Economics 20230118c, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:95492
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    Keywords

    inflation; inequality; rural areas; census; Regions;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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