But the latest surge in inflation rates, stemming in part from rising energy prices as a result of Russia’s invasion of Ukraine, has pushed many households to the breaking point. Energy prices have surged about 26% over the past year while food costs have jumped 8% in the largest increase since 1981, according to Joseph Lavorgna, the chief economist at Natixis North America LLC. These two inputs account for more than 20% of household outlays, he wrote in a March 23 research note.

Meanwhile, the big increase in homes prices and the recent increase in 30-year mortgages rates to 4.5% from about 3% last year has pushed home loan payments as a percent of family income to 22.4% on average for new buyers from 18.7%, according to Tom Porcelli, the chief U.S. economist at RBC Capital Markets. Standard Chartered Bank strategist Steven Englander calculates that housing affordability is the lowest since 2007, with costs an estimated 15% higher in March than December.

Retail sales data have been resilient on a nominal basis, supported by inflation that isn’t stripped out of the numbers. But a look at unit sales of general merchandise goods such as apparel, footwear, toys and sports equipment dropped in nine out of 10 weeks between the end of December and early March on a year-over-year basis, according to NPD Group data cited in a recent Wall Street Journal article. The report noted that 43% of consumers recently surveyed said they would delay less-important purchases if prices kept going up.