DULUTH, Ga.--(BUSINESS WIRE)--Mar 26, 2025--
The latest Primerica Household Budget Index™ (HBI™), a monthly economic snapshot measuring the impact of inflation on middle-income households alongside their earned income, found the average purchasing power for necessities fell to 99.4% in February, a 0.3% decrease from a month ago but a 0.4% increase from a year ago. For households earning an annual income of around $60,000, the increase in necessity goods prices in February cost them about $110 more in total than in January. Uncertainty among middle-income households is being driven in part by the volatility in the cost of household necessities.
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Purchasing power deteriorated in February as rising costs of auto insurance, gasoline and utilities continued to impact middle-income households’ budgets. Auto insurance continues to pressure middle-income families, rising 0.9% in February and more than 11% over the past 12 months. Gasoline prices, which had been falling, rose 1.3% over the month.
The Consumer Price Index (CPI) that measures inflation for a comprehensive basket of goods for all U.S. households came in at 2.8% in February. Adjusting the CPI to narrow the impact of inflation to focus specifically on middle-income households increases its impact to an estimated 3.6% year-over-year.
Further narrowing the CPI to assess the impact of inflation on the cost of middle-income household necessity items used in the HBI™ (food, utilities, gas, auto insurance, and health care) the estimated adjusted CPI measure shows an increase of 4.2% year-over-year. This highlights the disproportionate impact inflation has on middle-income families as reflected in the HBI™.
For more information on the Primerica Household Budget Index™, visit www.householdbudgetindex.com.
About the Primerica Household Budget Index™ (HBI™)
The Primerica Household Budget Index™ (HBI™) is constructed monthly on behalf of Primerica by its chief economic consultant Amy Crews Cutts, PhD, CBE ®. The index measures the purchasing power of middle-income families with household incomes from $30,000 to $130,000 and is developed using data from the U.S. Bureau of Labor Statistics, the U.S. Bureau of the Census, and the Federal Reserve Bank of Kansas City. The index looks at the cost of necessities including food, gas, auto insurance, utilities, and health care and earned income to track differences in inflation and wage growth.
The HBI™ uses January 2019 as its baseline, with the value set to 100% at that point in time.
Periodically, prior HBI™ values may be modified due to revisions in the CPI series and Consumer Expenditure Survey releases by the U.S. Bureau of Labor Statistics (BLS). Beginning with the December 2024 release of the index, the expenditure weights have been updated to the most recent (Q1 2024) data and auto insurance has been added to the group of necessity items. For more information, visit householdbudgetindex.com.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.0 million client investment accounts on December 31, 2024. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in the United States and Canada in 2023. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”. For more information, visit www.primerica.com.
The latest Primerica Household Budget Index™ (HBI™), a monthly economic snapshot measuring the impact of inflation on middle-income households alongside their earned income, found the average purchasing power for necessities fell to 99.4% in February, a 0.3% decrease from a month ago but a 0.4% increase from a year ago. Purchasing power deteriorated in February as rising costs of auto insurance, gasoline and utilities continued to impact middle-income households’ budgets.
BANGKOK (AP) — The death toll from Myanmar's powerful 7.7 magnitude earthquake keeps climbing amid rescue efforts.
The military government said Saturday that 1,644 people have been killed, with thousands of others injured and dozens missing. Myanmar’s main resistance movement, meanwhile, announced a partial ceasefire to facilitate relief efforts.
The earthquake struck midday Friday, followed by several aftershocks, including one that measured 6.4.
In Thailand, the quake rocked the greater Bangkok area, leaving 10 people dead.
Several countries, including Malaysia, Russia and China have dispatched rescue and relief teams.
Here is the latest:
Myanmar’s shadow National Unity Government, which coordinates the popular struggle against the ruling military, has announced a unilateral partial ceasefire to facilitate earthquake relief efforts.
An announcement said that its armed wing, the People’s Defense Force, will implement a two-week pause in offensive military operations starting Sunday in earthquake-affected areas.
It said it would “collaborate with the U.N. and nongovernmental organizations to ensure security, transportation, and the establishment of temporary rescue and medical camps,” in the areas it controls.
An initial situation report on earthquake relief efforts issued by the U.N. Office for the Coordination of Humanitarian Affairs said that it's mobilizing with other groups, and $5 million has been allocated from a Central Emergency Response Fund for “life-saving assistance.”
“Supply infrastructure and communication towers were severely impacted, electricity and water services were disrupted, including in Yangon Region,” it noted. “Landline, mobile and internet networks remain unstable.”
The immediate planned measures include a convoy of 17 cargo trucks carrying critical shelter and medical supplies from China that is expected to arrive on Sunday, it said.
It noted the severe damage or destruction of many health facilities, and warned that a “severe shortage of medical supplies is hampering response efforts, including trauma kits, blood bags, anaesthetics, assistive devices, essential medicines, and tents for health workers.”
Myanmar’s ruling military said on state television that the confirmed death toll from the 7.7 magnitude earthquake increased to 1,644.
The new total is a sharp rise compared to the 1,002 total announced just hours earlier. The number of injured increased to 3,408, while the missing figure rose to 139 from Friday's quake.
Russia has sent a medical team to Myanmar to care for earthquake victims, a Health Ministry official said.
According to Alexey Kuznetsov, the medics include specialists in infectious diseases, resuscitation and traumatology.
Separately, Russia’s Emergencies Ministry said that two planes carrying Russian rescue workers have landed in Myanmar’s largest city, Yangon.
Earlier, the ministry reported that a mission, including search and rescue teams, canine units, anaesthesiologists and psychologists, was on its way to the disaster-stricken country.
The ministry said that its rescue teams are equipped with “endoscopes and acoustic devices for searching for people in rubble up to 4.5 meters (nearly 15 feet) deep, as well as ground-penetrating radars and thermal imagers.”
Hong Kong sent a group of 51 search-and-rescue personnel to help with earthquake relief efforts in Myanmar. The group includes firefighters and ambulance personnel as well as two search-and-rescue dogs, among others.
The group brings along nine tons (18,000 pounds) of equipment including life detectors and masonry cutting machines, as well as an automatic satellite tracking antenna system that provides network connection, according to a statement on the Hong Kong government’s website.
Satellite photos from Planet Labs PBC analyzed by The Associated Press show the earthquake toppled the air traffic control tower at Naypyitaw International Airport.
The photos taken Saturday show the tower toppled over as if sheered from its base. Debris lay scattered from the top of the tower, which controlled all air traffic in the capital of Myanmar.
It wasn’t immediately clear if there had been any injuries in the collapse, though the tower would have had staff inside of it at the time of the earthquake Friday. It likely also stopped air traffic into the international airport, given all electronics and radar would have been routed into the tower for controllers.
Flights carrying rescue teams from China have landed at the airport in Yangon instead of going directly to the airports in the major stricken cities of Mandalay and Naypyitaw.
A spokesperson for the China International Development Cooperation Agency said that Beijing will provide Myanmar with 100 million yuan ($13.8 million) in emergency humanitarian aid for earthquake relief efforts.
An additional rescue team of 82 people left Bejing, hours after a different team of emergency responders from the Chinese province of Yunnan, bordering Myanmar, arrived in the earthquake-stricken country.
Additionally, 16 members of the Chinese civil relief squad Blue Sky Rescue Team in the city of Ruili, Yunnan, departed to Muse City in northern Myanmar to help with relief efforts, according to state broadcaster CGTN. Chinese authorities also sent a first batch of 80 tents and 290 blankets.
Meanwhile, Chinese President Xi Jinping extended condolences to Myanmar’s leader Min Aung Hlaing.
The earthquake was felt in parts of China's Yunnan province, though casualties were limited. Two people in Ruili suffered minor injuries and 847 homes were damaged, according to authorities. Some high-rise buildings and older houses in urban areas were also partially damaged, but power and water supplies and transportation and communications lines have been restored.
New Zealand Foreign Minister Winston Peters says that his government will support relief efforts “via the International Red Cross Movement."
“Our thoughts are with all those who have lost loved ones, and to everyone else affected,” Peters posted on X.
South Korea will send the aid through international organizations to support recovery efforts following the recent earthquake.
The Foreign Ministry stated on Saturday that Seoul will closely monitor the situation and consider additional support if needed.
In this photo released by Xinhua News Agency, Chinese rescuers arrive at the Yangon International Airport in Yangon, Myanmar on Saturday, March 29, 2025. (Haymhan Aung/Xinhua via AP)
In this photo taken from video released by Russian Emergency Ministry Press Service on Saturday, March 29, 2025, Russian Emergency Ministry employees gather to board one of two planes with rescuers to Myanmar following Friday's earthquake, from a Moscow airfield, Russia. (Russia Emergency Ministry press service via AP)
Rescuers walk past the ruin of a high-rise building under construction that collapsed after a strong earthquake in Bangkok, Thailand, Saturday, March 29, 2025. (AP Photo/Wason Wanichakorn)
People stand near a damaged construction site of a high-rise building in Bangkok, Thailand, Saturday, March 29, 2025, as rescuers search for victims following its collapse after Friday's earthquake. (AP Photo/Sakchai Lalit)
Rescuers search for victims at the site of a high-rise building under construction that collapsed after a strong earthquake in Bangkok, Thailand, early Saturday, March 29, 2025. (AP Photo/Wason Wanichakorn)
Rescue workers help an injured women who was trapped under a building Friday, March 28, 2025, in Naypyitaw, Myanmar. (AP Photo/Aung Shine Oo)
In this image provided by The Myanmar Military True News Information Team, Myanmar's military leader Senior Gen. Min Aung Hlaing, center, inspects damaged road caused by an earthquake Friday, March 28, 2025, in Naypyitaw, Myanmar. (The Myanmar Military True News Information Team via AP)
Rescuers search for victims at the site of a high-rise building under construction that collapsed after a strong earthquake in Bangkok, Thailand, early Saturday, March 29, 2025. (AP Photo/Wason Wanichakorn)
Patients are evacuated outdoors at a hospital after a 7.7 magnitude earthquake in Bangkok, Thailand, Friday, March 28, 2025. (AP Photo/Tadchakorn Kitchaiphon)
Rescue workers take an injured man who was trapped under a building Friday, March 28, 2025, in Naypyitaw, Myanmar. (AP Photo/Aung Shine Oo)
People wait at the damaged construction site of a high-rise building in Bangkok, Thailand, Saturday, March 29, 2025, as rescuers search for victims following its collapse after an earthquake. (AP Photo/Wason Wanichakorn)
Relatives of workers of a high-rise building under construction that collapsed after a strong earthquake wait as rescuers search for victims, in Bangkok, Thailand, Saturday, March 29, 2025. (AP Photo/Sakchai Lalit)
Rescuers work at the site a high-rise building under construction that collapsed after a 7.7 magnitude earthquake in Bangkok, Thailand, early Saturday, March 29, 2025. (AP Photo/Wason Wanichakorn)
Volunteers look for survivors near a damaged building Friday, March 28, 2025, in Naypyitaw, Myanmar. (AP Photo/Aung Shine Oo)
In this image provided by The Myanmar Military True News Information Team, victims caused by an earthquake is seen compound of government hospital Friday, March 28, 2025, in Naypyitaw, Myanmar. (The Myanmar Military True News Information Team via AP)
