Inflation squeezes Oklahomans as experts warn lower-income earners' paychecks aren't keeping up

OKLAHOMA CITY (KFOR) — Oklahomans are feeling the strain as inflation remains higher than economists say it should be, with rising costs for essentials like food, childcare, and housing pushing many families to a breaking point—all while incomes for higher-earners increase at higher rates than incomes for lower-earners.

It’s not just you—final analysts say most Oklahomans’ paychecks aren’t going as far as they did a year ago—even if they’ve gotten bigger.

From food to childcare, to car payments, financial analyst Stephen Kates with the group ‘Bankrate’ says nearly everything has increased in price compared to this time last year.

“Grocery prices, the cost of health care, the cost of higher education, the cost to simply exist,” Kates said. “Things are more expensive, and our buying power is decreasing.”

…

Since 2020, Kates says inflation has caused the average price of goods to increase by 25 percent.
“If you weren’t being paid 25% more now than you were back then, then you truly have lost money,” Kates said.

More at:

https://kfor.com/news/local/inflation-squeezes-oklahomans-as-experts-warn-lower-income-earners-paychecks-arent-keeping-up/