Low-income Americans most impacted by high gas prices: Axios

WASHINGTON, June 14 (Xinhua) -- High gas costs might start a cycle of misery for Americans with lower incomes, the news portal Axios reported recently.

Recent data from Bank of America has shown that Americans who earn less than 50,000 U.S. dollars a year are currently spending nearly 10 percent of their credit card bills on gas, compared with 6 percent for households earning more than 125,000 dollars, according to the report.

This occurs at a time when food prices are also on the rise and are burdening people with lower incomes.

"It can create a cascade of other hardships," the report quoted former Federal Reserve economist Claudia Sahm as saying.