Hunger in the US surpasses pandemic levels, NY Fed survey finds

The Federal Reserve Bank of New York reported on the 27th that the number of people suffering from hunger in the US has surpassed the levels seen during the height of the COVID-19 pandemic. In February, the NY Fed surveyed approximately 1,200 household heads about their financial struggles, including the need to tap into savings, difficulty accessing food, children skipping meals, and reliance on food assistance. The report noted a significant increase in households experiencing these hardships, particularly among those with lower education, lower income, and young children. The survey was conducted before the outbreak of the Iran war, which has pushed grocery prices to their highest levels since 2023. Over one-third of respondents said they had to use savings to get by, up from 21.8% in June 2020. During the pandemic peak, unemployment claims hit a record 33 million. In the current survey, 10% of families reported insufficient food or children skipping meals, compared to 4% in June 2020. Additionally, over 15% reported receiving food donations, up from 10.6%. The NY Fed stated that consumer confidence has fallen to levels near or below those seen during the Great Depression and the pandemic.