An analysis of Bank of America’s (BoA) aggregated credit and debit card spending growth per household has shown a slowdown in such activity, underlining the negative effect of inflation.
“In the 28-day period ending June 30, aggregate Bank of America card spending (credit and debit) per household was up 3.3 percent YoY (year-on-year). This was a slowdown from the 4.0 percent YoY at the end of May,” the July 7 report (pdf) states.
In May, the Consumer Price Index (CPI) and Personal Consumption Expenditure (PCE) inflation rates were 8.6 percent and 6.3 percent year-on-year, respectively, and according to the bank, these are expected to stay “elevated in June.” The yearly growth in inflation-adjusted spending for households was “negative in June.”…