24/7 Wall Street said that everyone is being affected by rising prices, but low-income households are being affected the most.
Even though the Federal Reserve did not change the funds rate in September, it is very likely that they will in November, with rates rising to a range of 5.5% to 5.75%.
The consumer price index (CPI) shows that the U.S. inflation rate will be around 2.7% in the second half of the year. This will add up to an annualized rate of 4.1% for 2023, according to the University of Alabama College of Business.
By looking at the most recent five years of data from the U.S. Census Bureau’s 2021 American Community Survey, 24/7 Wall St. has found the state’s poorest town.
They looked at cities, towns, and unincorporated areas with between 1,000 and 25,000 people and ranked them by the median household income of those places.
The ‘Poorest Town’ in Alabama
Union Springs, Alabama
