Now put the signal phrase and quote together. There is some good news: American households are better funded than in previous crises, which should help them absorb some of the price increases. During the pandemic, stimulus checks and altered spending patterns helped many households shore up their savings. But the more price spikes affect necessary products and services, people will need to reach deeper into their wallets, putting a strain on household finances. This will be particularly hard for lower-income Americans, who don't have excess savings as a result of the pandemic and for whom gas and energy costs generally make up a larger portion of their spending. "A 10% increase in oil prices would shave 0.2% from discretionary spending," assuming a one-for-one response from consumers, said Jefferies chief economist Aneta Markowska. Since the start of Russia's invasion of Ukraine, US oil prices have risen more than 11%. That matters because consumer spending is the single most important driver of US economic growth. If people have less money to spend outside of necessities, that could weigh on economic growth this year. Even though the pandemic recession is firmly in the rearview