But there’s another component that makes families like the Staffords feel a particular bite from inflation. For now, Federal Reserve officials say they don’t yet see a wage price spiral. Food accounts for only about 13% of a typical household’s budget for goods and services, based on the weight in calculating consumer price inflation. “People feel price increases; they don’t really feel price stagnation,” Volpe said. Like the Staffords, the Fort Worth family is solidly middle class, their incomes above the median $73,000 for that metro area.
