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Inflation Squeezes Holiday Budgets For Low-Income Shoppers

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FILE - People transport a television to their car after shopping during a Black Friday sale at a Best Buy store Nov. 26, 2021, in Overland Park, Kan. Retailers overall are expecting record-breaking sales for the holiday shopping season, but low-income customers are struggling as they bear the brunt of the highest inflation in 39 years. (AP Photo/Charlie Riedel, File)

(AP) — Retailers expect record-breaking sales for the holiday shopping season, but low-income customers are struggling as they bear the brunt of the highest inflation in 39 years.

The government’s report last week that consumer prices jumped 6.8% over the past year showed that some of the largest cost spikes have been for such necessities as food, energy, housing, autos and clothing.

Rising prices are changing shopping habits for many Americans. But for low-income households with little or no cash cushions, they’re making harder choices such as whether they can put food on the table or if they’ll have to drastically scale back on holiday presents for their children — or forgo them completely.

 

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