New data that found demand for its food assistance in February increased in nearly every food bank (85%). That was a 20% increase versus January’s numbers. “You will continue to see folks come into food banks who are seniors, who are undocumented individuals, and persons who suffer from disabilities … But you’re also seeing folks who are just kind of trying to cobble together jobs who may suffer from chronic and persistent unemployment.”
Working-poor households have been battered by inflation at a four-decade high. The price of food in March was 10% versus the same month last year. Inflation has outpaced wage growth, sending real wages negative. Also, the personal savings rate has collapsed to its lowest level since December 2014, an ominous sign the consumer is stressed.