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High inflation 'disastrous' for 40 pct of Americans: TV station

Xinhua | Updated: 2022-01-28 15:48
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Prices are displayed outside of a Manhattan business on Jan 12, 2022 in New York City. [Photo/Agencies]

WASHINGTON - High inflation in the United States is "a potentially disastrous problem for as many as 40 percent of Americans", a US TV station reported.

The vulnerable groups in the country are hurt hardest by the sharp rise in prices across goods and services, as the inflation in December reached 7 percent, the highest level for 40 years, according to a report published Sunday on the website of the ABC-affiliated TV station ABC27.

"It's those with the lowest incomes, the working poor and even middle earners who stand to take the brunt of inflation. These segments are less likely to have savings to fall back on, often have to spend more than they earn just to get by, and are spending a greater portion of their incomes on essentials like food and shelter than higher earners," it said.

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