Why inflation hits people of color harder

Marketplace

News, Business

4.6 • 8.5K Ratings

🗓️ 18 January 2023

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

A new report from the New York Fed shows that inflation makes a bigger impact on the budgets of people of color and low-income workers. Today, we dig into why inflation and the higher interest rates used to tame it feel different depending on who you are. Also, why the Bank of Japan is maintaining low interest rates and how businesses are welcoming back festivals like Sundance.

Transcript

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0:00.0	Busy making budget plans for the business year ahead, we've got you covered.
0:05.4	Switch to three business and choose from the latest handsets with unlimited data in our winter sale.
0:10.6	Plus, our business price promise means if you find a cheaper deal from one of our biggest competitors, we guarantee you to beat it.
0:18.1	Search three business or visit us in store.
0:21.1	Business price promise means we'll beat it directly.
0:24.4	Quote you've been given my e-vote for 0.02 for business plans by at least £1 per month.
0:31.2	Terms apply such three business price promise.
0:33.0	Inflation looks different depending on where you sit.
0:36.0	Just ask Japan.
0:37.7	From American public media, this is Marketplace.
0:49.6	In Baltimore, I'm Amy Scott in Forkai Ristall.
0:53.0	This Wednesday, January 18th, good to have you with us.
0:56.8	We talk a lot about the Federal Reserve on this show, especially lately, with inflation and the Fed's fight against it, top of mind in the American economy.
1:07.0	But today we're going to start off with another central bank, the Bank of Japan.
1:11.8	Because while its counterparts in the US, Europe and elsewhere have been raising interest rates to beat back inflation,
1:19.3	the Japanese central bank has taken a different approach.
1:23.2	Today, the Bank of Japan surprised markets by keeping its ultra low rates where they are.
1:29.6	Marketplace's Lily Jamali has that story.
1:32.8	Unlike most of the world, Japan has been battling very low inflation for decades.
1:38.2	The recent rise in global energy and food prices has changed that.
1:41.9	Sebastian Malibi of the Council on Foreign Relations says policymakers there hope some of that sticks.
1:48.4	I know they're thinking, great, that's just hold on to this opportunity to finally get inflation psychology shifted in Japan.
	...

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