The Globe and Mail reports in its Wednesday edition that higher-income Americans and college graduates have increased their spending more than other consumers in the past three years. An Associated Press dispatch to The Globe reports that the data, released by the Federal Reserve Bank of New York, also show that in the final three months of last year, lower-income and rural households faced higher inflation than higher-income households. The figures support the idea of a "K-shaped" economy, where upper-income Americans drive most consumption, while lower-income households see limited gains. Poorer households often face higher inflation, spending more on essentials like housing, groceries and utilities that have surged in price since the pandemic. The Fed's data show that households with incomes of $125,000 and higher have boosted their spending 2.3 per cent, adjusted for inflation, since 2023, while middle-income households -- those between $40,000 and $125,000 -- have increased their spending by 1.6 per cent (all figures U.S.). Those earning below $40,000 have lifted their spending by just 0.9 per cent, the report showed. The figures are derived from a group of 200,000 consumers tracked by the analytics firm Numerator.