Us retailers have a record holiday spending season in mind, but for one in 10 Americans, the fastest rise in prices in 30 years will put a damper on Christmas this year.

Inflation is particularly hard on low-income families who spend about a third of their income on necessities like food and energy, the report said, citing Bloomberg. Recently rising wages have been eaten into by rising prices, and federal relief programs that helped some 7.5 million people have expired, sending prices soaring.

"Anything that puts a lot of pressure on household budgets in the short term makes life more stressful for low-income families because they have less room to absorb the pressure," notes Josh Bivens, research director at the Economic Policy Institute.

The gap between rich and poor during the economic recovery will be on display as the holiday season approaches, the report said. More than 11 percent of Americans plan to spend nothing, the highest percentage in at least a decade and more than double the percentage in 2020, according to one survey.

Economists expect higher prices to curb consumer demand in the short term.