Increasing numbers of Americans say they are struggling with their finances, according to a new Federal Reserve report revealing the toll that inflation has taken on U.S. households over the past year.
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“Overall, the report shows that higher prices have negatively affected most households and overall financial well-being declined over the prior year, though workers continued to benefit from a strong labor market,” the Fed said in a statement accompanying the release.Nearly a quarter of respondents said that while their spending had increased in 2022, their incomes had not.
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