Inflation is hurting rural Americans more than city folk — here's why

Prices are rising across the U.S., driving up the cost of food, housing, heat, cars and many other essential items. But inflation isn't hitting everyone equally. Data shows that Americans with less education and those living in rural areas are feeling the pinch most acutely.

Among Americans without a college degree, more than half say inflation has caused them financial hardship, compared to 30% of college-educated adults, according to a new Gallup poll. For people earning less than $40,000 a year, 71% said they felt the sting of higher prices — 3 in 10 said the hardships were severe enough to affect their standard of living. Among those making $100,000 or more, the figures were reversed — 71% of six-figure-earners said inflation hadn't caused any hardship, Gallup found.

A recent analysis from Bank of America also underlines how inflation is disproportionately affecting lower-income and rural people. Rural Americans have seen their spending power drop 5.2% on an annualized basis, compared with 3.5% for urban households, the research found.