Record inflation shrinks housing affordability, worsens racial wealth gaps

Black Local and National News

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This summer, temperatures are not the only thing rising above normal. The U.S. Bureau of Labor Statistics reported that the nation’s consumer price index (CPI) at the end of May was the largest since December 1981, more than 40 years ago. This key economic measure tracks the change in prices paid by consumers for goods and services for about 93 percent of the total U.S. population.The most recent report released on June 10, showed double-digit CPI increases for fuel, food, utilities, and both new and used vehicles. Even before this data release, many consumers already adjusted their lives to compensate as best they could for $5 dollar per gallon gas prices, keeping family cars longer, and taking fewer family outings to free up funds for still-rising food prices.But how much longer can housing remain affordable when prices for both homes and rents are rising even higher?