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Gas price surge hitting low-income households hardest, Fed study finds

A new report by the Federal Reserve Bank of New York finds that the recent rise in gas prices has affected households very differently based on their income level.Energy prices hit a four-year high in March amid the Iran war, prompting the closure of the Strait of Hormuz, which is a chokepoint through which about 20% of the world's oil supply passes through aboard tankers.The New York Fed's analysis finds that high-income households increased their nominal spending on gasoline the most and kept their real consumption at a level that was essentially unchanged when compared with pre-war spending...