Monday, August 15, 2022

Inflation costing the average American $717 a month, analysis shows | Fox Business

The financial squeeze stems from the rising cost of a number of everyday goods, including cars, rent, food and health care. While the rapid pace of price increases eased slightly in July, the consumer price index still climbed 8.5% from the previous year – hovering near a painful, four-decade high, the Labor Department reported on Wednesday.

The JEC Republicans – who launched the State Inflation Tracker in April to monitor how much higher prices are costing Americans across the U.S. – calculated the figure by comparing prices for goods and services in July versus how much households would have paid for those same items in January 2021, when inflation was 1.4%.

"While prices did not change from June to July 2022, prices increased 13.3% from January 2021 to July 2022, costing the average American household $717 in July 2022 alone," the analysis said.

via www.foxbusiness.com

For the average American, who makes perhaps $60K per year, $717 per month is a *lot* of money. It's a lot of money to me! That's how much it would cost to lease a new car, for example, a nice one. It sounds like a lot of people are just running up balances on their credit cards to cover this. This can't go on, so therefore it won't.

https://rightcoast.typepad.com/rightcoast/2022/08/inflation-costing-the-average-american-717-a-month-analysis-shows-fox-business.html

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Comments

A new car? Can you explain this unfamiliar concept to me?

Posted by: dearieme | Aug 15, 2022 1:32:24 PM

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