Inflation hitting San Antonio's Latino consumers, businesses especially hard

NEWS FEATURES Inflation hitting San Antonio's Latino consumers, businesses especially hard According to a June study published by Liberty Street Economics, some demographics, including Latinos, are suffering worse under the current bout with inflation than other Americans. By Michael Karlis on Mon, Aug 15, 2022 at 8:00 am SEND A NEWS TIP Although inflation hit a 40-year high of 9.1% this June, U.S. Latinos experienced price hikes closer to 9.7%, a study found. - Shutterstock / Nong2 Shutterstock / Nong2 Although inflation hit a 40-year high of 9.1% this June, U.S. Latinos experienced price hikes closer to 9.7%, a study found. Everyone feels the bite from inflation. Whether buying groceries, filling up at the gas pump or paying utility bills, it's hard to escape what some economists linken to a tax imposed without legislation. Even so, not every Alamo City resident is feeling the same amount of pain from that bite. According to a June study published by Liberty Street Economics — a think tank that analyzes Federal Reserve data — some demographics, including Latinos, are suffering worse under the current bout with inflation than other Americans. Liberty Street analyzed the effects of inflation by examining the spending patterns of white, Asian, Black and Latino Americans. To determine which group was hurt the worst, its experts then analyzed the inflation rate on what each demographic was buying at the time.

"When overall inflation began rising in March 2021, inflation disparities surged, with Black and Hispanic Americans experiencing higher inflation than the national average," the report said. Although inflation hit a 40-year high of 9.1% this June, U.S. Latinos experienced price hikes closer to 9.7%, the study found. What's more, the inflation rate burdening that demographic was 1.2% higher than for white Americans, whose rate was 8.5%. River City Federal Credit Union President and CEO Jeff Ivey said that strain is apparent as he talks to his customers, 65% of whom are Latino. "For a lot of folks, it's getting harder and harder to provide the basics," Ivey said. "I'm talking about putting food on the table versus buying school supplies or getting the car fixed or paying utilities. It just becomes more of a challenge."