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Primerica, Inc. (NYSE: PRI) reported a decline in the Primerica Household Budget Index™ for middle-income households for the third consecutive month. The average purchasing power in March 2024 dropped to 100.5% from 101.2% in February 2024, attributed to the increasing prices of necessity goods, with gas prices rising by 6.4% since the beginning of the year.
Primerica, Inc. (NYSE: PRI) ha segnalato una diminuzione dell'Indice del Budget Familiare Primerica™ per le famiglie a reddito medio per il terzo mese consecutivo. Il potere d'acquisto medio a marzo 2024 è sceso al 100,5% dal 101,2% di febbraio 2024, a causa dell'incremento dei prezzi dei beni di necessità, con un aumento del 6,4% dei prezzi della benzina dall'inizio dell'anno.
Primerica, Inc. (NYSE: PRI) reportó una disminución en el Índice de Presupuesto Familiar de Primerica™ para los hogares de ingresos medios por tercer mes consecutivo. El poder adquisitivo promedio en marzo de 2024 bajó al 100.5% desde el 101.2% en febrero de 2024, atribuido al aumento de los precios de los bienes necesarios, con los precios de la gasolina subiendo un 6.4% desde el inicio del año.
프리메리카, Inc. (NYSE: PRI)는 중간 소득 가구의 프리메리카 가계재정 지수™가 연속 세 달 간 하락했다고 보고했습니다. 2024년 3월의 평균 구매력은 필수품의 가격 상승으로 인해 2월 2024년의 101.2%에서 100.5%로 떨어졌으며, 연초 이후 가스 가격은 6.4% 상승했습니다.
Primerica, Inc. (NYSE: PRI) a signalé une baisse de l'Indice du budget des ménages à revenu moyen de Primerica™ pour le troisième mois consécutif. Le pouvoir d'achat moyen en mars 2024 a diminué à 100,5 % contre 101,2 % en février 2024, en raison de l'augmentation des prix des biens de nécessité, les prix de l'essence ayant augmenté de 6,4 % depuis le début de l'année.
Primerica, Inc. (NYSE: PRI) meldete für mittlere Einkommenshaushalte den dritten Monat in Folge einen Rückgang des Primerica Haushaltsbudget Index™. Die durchschnittliche Kaufkraft im März 2024 fiel auf 100,5 % von 101,2 % im Februar 2024, was auf die steigenden Preise für notwendige Güter zurückzuführen ist, wobei die Benzinpreise seit Jahresbeginn um 6,4 % gestiegen sind.
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The Primerica Household Budget Index™ for middle-income families showed a decrease in purchasing power for the third month in a row, indicating financial strain on households in the specified income range.
The rise in the cost of necessity goods, driven primarily by a surge in gas prices, is leading to a decline in the overall purchasing power of middle-income families.
Earlier recovery being reversed as prices for necessity items continue to climb
DULUTH, Ga.--(BUSINESS WIRE)--
Primerica, Inc. (NYSE: PRI), a leading provider of financial services and products in the United States and Canada, announced today the release of the Primerica Household Budget Index™ (HBI™), a monthly index illustrating the purchasing power of middle-income households with income between $30,000 and $130,000. In March 2024, the average purchasing power for middle-income households was 100.5%, down from 101.2% in February 2024. This marks the third month in a row that the index has declined from its recent high of 102.5% set in December 2023.
Primerica Household Budget Index™ - In March 2024, the average purchasing power for middle-income households was 100.5%, down from 101.2% in February 2024. This marks the third month in a row that the index has declined from its recent high of 102.5% set in December 2023. (Photo: Business Wire)
The decline comes because of the sharp rise in cost of necessity goods, which increased by 1.3% month-over-month since the beginning of the year, driven by a 6.4% increase in gas prices during the same period.
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 US Bureau of the Census, and the Federal Reserve Bank of Kansas City. The index looks at the cost of necessities including food, gas, utilities, and health care and earned income to track differences in inflation and wage growth.
The HBI™ is presented as a percentage. If the index is above 100%, the purchasing power of middle-income families is stronger than in the baseline period and they may have extra money left over at the end of the month that can be applied to things like entertainment, extra savings, or debt reduction. If it is under 100%, households may have to reduce overall spending to levels below budget, reduce their savings or increase debt to cover expenses. The HBI™ uses January 2019 as its baseline. This point in time reflects a recent “normal” economic time prior to the COVID-19 pandemic.
Periodically, prior HBI™ values may be revised due to revisions in the CPI series and Consumer Expenditure Survey releases by the U.S. Bureau of Labor Statistics (BLS). Beginning with the October 2023 release of the HBI™ data, health insurance costs will no longer be included in the calculation of the HBI™ data as part of the healthcare component because of some newly acknowledged methodology that has been used by the BLS to calculate the health insurance CPI. The health insurance CPI, as calculated by BLS, does not measure consumer costs of health insurance such as the cost of premiums paid or a combination of premiums and deductibles, but rather premium values retained by health insurers we do not believe it accurately reflects consumer experiences. The healthcare component will continue to include medical services, prescription drugs and equipment. Prior published values have been adjusted to reflect this change. 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 approximately 5.7 million lives and had approximately 2.9 million client investment accounts on December 31, 2023. 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”.
The Primerica Household Budget Index™ is a monthly index illustrating the purchasing power of middle-income households with income between $30,000 and $130,000.
What caused the decline in the purchasing power for middle-income households?
The decline in purchasing power is attributed to the sharp rise in the cost of necessity goods, with gas prices increasing by 6.4% since the beginning of the year.
Where can I find more information on the Primerica Household Budget Index™?
For more information on the Primerica Household Budget Index™, visit www.householdbudgetindex.com.
