Inflation impoverishes the poor

So says The World Bank:

Using polling data for 31,869 households in 38 countries and allowing for country effects, Easterly and Fischer show that the poor are more likely than the rich to mention inflation as a top national concern. This result survives several robustness checks.

Also, direct measures of improvements in well-being for the poor - the change in their share of national

income, the percentage decline in poverty, and the percentage change in the real minimum wage - are negatively correlated with inflation in pooled cross- country samples.

High inflation tends to lower the share of the bottom quintile and the real minimum wage - and tends to increase poverty.

So record inflation (remember that the Fed.Gov changed the way that inflation is measured so that food and energy prices are no longer counted - meaning that the "Highest inflation in 40 years" actually means "Highest inflation ever") is driving people into poverty at a record rate.  Because the resident of the Oval Office has a "D" after his name I don't expect this to be reported in the Media, but keep this in mind when anyone tells you nonsense like "the Democrats are the only ones to do anything for the poor."

Yeah, they do something, all right.  Good and hard.