Moody’s: Inflation to Cost Families an Extra $5,520 Per Year, Up from Last Projection

[mystery-ak]

Moody’s: Inflation to Cost Families an Extra $5,520 Per Year, Up from Last Projection

Wendell Husebø11 Jun 20227

Inflation will cost families an additional $5,520 per year, increasing from a projection in March, according to Moody’s.

President Biden’s 40-year-high inflation will cost American households on average an extra $5,520 in 2022, or $460 per month, a Moody’s analysts projected.

In March, that projection was less. Bloomberg estimated families would be charged an extra $5,200 in 2022, or $433 per month, 27 dollars less.

Moody’s compared the average household spending in May of 2021 to the years of 2018 and 2019, when the annual inflation rate was 2.1 percent.

Moody’s Analytics senior economist Ryan Sweet told the New York Post:



    Having inflation at 8.5% on a year-ago basis, compared with the 2.1% average growth in 2018 and 2019, is costing the average household $346.67 per month to purchase the same basket of goods and services as they did last year. However, the pure cost for households for having inflation running at 8.5% is $460.42 per month.

The soaring costs are altering consumer habits, June’s BMO Real Financial Progress Index survey revealed:

    42% are changing how they shop for groceries. This includes opting for cheaper items, avoiding brand names, and buying only the essentials.
    46% are either dining out less or consciously spending less when dining out.
    31% are driving less to offset the soaring cost of gas.
    23% are spending less on vacations or canceling them altogether.
    22% are taking measures such as canceling subscriptions to the gym, cable, etc.


more
https://www.breitbart.com/economy/2022/06/11/moodys-inflation-to-cost-families-an-extra-5520-per-year-up-from-last-projection/

[libertybele]

Moody’s: Inflation to Cost Families an Extra $5,520 Per Year, Up from Last Projection

Wendell Husebø11 Jun 20227

Inflation will cost families an additional $5,520 per year, increasing from a projection in March, according to Moody’s.

President Biden’s 40-year-high inflation will cost American households on average an extra $5,520 in 2022, or $460 per month, a Moody’s analysts projected.

In March, that projection was less. Bloomberg estimated families would be charged an extra $5,200 in 2022, or $433 per month, 27 dollars less.

Moody’s compared the average household spending in May of 2021 to the years of 2018 and 2019, when the annual inflation rate was 2.1 percent.

Moody’s Analytics senior economist Ryan Sweet told the New York Post:



    Having inflation at 8.5% on a year-ago basis, compared with the 2.1% average growth in 2018 and 2019, is costing the average household $346.67 per month to purchase the same basket of goods and services as they did last year. However, the pure cost for households for having inflation running at 8.5% is $460.42 per month.

The soaring costs are altering consumer habits, June’s BMO Real Financial Progress Index survey revealed:

    42% are changing how they shop for groceries. This includes opting for cheaper items, avoiding brand names, and buying only the essentials.
    46% are either dining out less or consciously spending less when dining out.
    31% are driving less to offset the soaring cost of gas.
    23% are spending less on vacations or canceling them altogether.
    22% are taking measures such as canceling subscriptions to the gym, cable, etc.


more
https://www.breitbart.com/economy/2022/06/11/moodys-inflation-to-cost-families-an-extra-5520-per-year-up-from-last-projection/

We stopped eating out when the onset of the pandemic started and did carry-out. For other reasons we've never gone back to dining in and have now reduced carry out to cheap eats now to about twice a month. We might order subs now and then for lunch.

I have my flower gardens, butterfly garden and birds. Boring, some would say so, but the pandemic has made us appreciate what we do have and appreciate family time more when we get it.

I have pretty much continued to grocery shop as I usually do, but I avoid Publix as much as possible because they are higher than any store around.  The Farmer Joe's nearby has quality meats and cheeses, fruits and vegs and is fairly reasonable in comparison to other stores. We are careful to make sure all our leftovers are eaten.

I shop Target for paper goods and cleaning supplies as I have found them to be a tad cheaper than Wally World.  I do shop Wally World for canned goods and frozen foods.

Definitely no vacation. No movies out. No new clothes or shoes. No pedicures. We don't run errands on a daily basis, we run errands a couple of times a week now and plan the trips to save on gas. We cut back a bit on cable, but electric and water have gone up, so ... it's a wash. Shopped around for car insurance and cut that bill quite a bit.

Our homeowners insurance cancelled us and we have no idea what the new premium is going to be with the carrier that took them over  -- that could really hurt our wallets.

Let's Go Brandon! FJB!! 

[LMAO]

We stopped eating out when the onset of the pandemic started and did carry-out. For other reasons we've never gone back to dining in and have now reduced carry out to cheap eats now to about twice a month. We might order subs now and then for lunch.

I have my flower gardens, butterfly garden and birds. Boring, some would say so, but the pandemic has made us appreciate what we do have and appreciate family time more when we get it.

I have pretty much continued to grocery shop as I usually do, but I avoid Publix as much as possible because they are higher than any store around.  The Farmer Joe's nearby has quality meats and cheeses, fruits and vegs and is fairly reasonable in comparison to other stores. We are careful to make sure all our leftovers are eaten.

I shop Target for paper goods and cleaning supplies as I have found them to be a tad cheaper than Wally World.  I do shop Wally World for canned goods and frozen foods.

Definitely no vacation. No movies out. No new clothes or shoes. No pedicures. We don't run errands on a daily basis, we run errands a couple of times a week now and plan the trips to save on gas. We cut back a bit on cable, but electric and water have gone up, so ... it's a wash. Shopped around for car insurance and cut that bill quite a bit.

Our homeowners insurance cancelled us and we have no idea what the new premium is going to be with the carrier that took them over  -- that could really hurt our wallets.

Let's Go Brandon! FJB!! 

And more and more will do what you're doing to make it which will send the economy into a tailspin.

The next several months will be rough but all storms pass. The process of getting these people out of power started last year and will continue. There will not be a Bill Clinton type pivot to the center. There's alot to be optimistic about even though it doesn't seem that way now. For one, you're not alone. And watching the president blame everything and everyone for yesterday's Inflation report and talking about punching people in the face tells me his administration is in collapse.

We will suffer. And getting out won't be easy. But "Morning in America" will return. But it will mean removing these people from any lever of power. Starting with that idiot Granholm and the other one  Yellen

[libertybele]

US consumers contend with double-digit price increases at the grocery store

Americans are facing grocery store price hikes at levels not seen since the inflation-soaked 1970s, with double-digit increases on everything from eggs to poultry, according to the latest Consumer Price Index from the Labor Department.
Friday's inflation report was a triple-whammy for consumers, with massive price hikes in food, shelter and energy -- sectors that make up the majority of household expenses -- as well as in almost every other category.
But some of the starkest increases were in the food-at-home sector, where the cost of groceries surged by almost 12% for the year ending in May. That's the largest year-on-year increase since 1979.

Categories experiencing the largest jump in prices are typically meal staples: dairy, eggs and meat.

The price of eggs rose by 32.2% from May 2021 to May 2022, according to the latest CPI. Meats, poultry and fish saw a 14.2% year-over-year increase, and dairy products jumped 11.8%.

"Food and fuel are driving inflation and creating pain points for American households," said Joe Brusuelas, chief economist at RSM, in a Friday note.
With 70% of the US economy driven by the consumer, economists are closely monitoring changes in behavior. The latest monthly consumer sentiment survey from the University of Michigan showed that confidence in the economic outlook plummeted in early June to its lowest level on record.
"We need to listen to what consumers say but, more importantly, we need to watch what consumers do," said Jeffrey Roach, chief economist for LPL Financial.
"We do expect a slowdown in consumer spending as inflation and uncertainties weigh heavily on sentiment," he said in a statement..................

https://www.cnn.com/2022/06/11/business/food-prices-may-cpi/index.html

[libertybele]

And more and more will do what you're doing to make it which will send the economy into a tailspin.

The next several months will be rough but all storms pass. The process of getting these people out of power started last year and will continue. There will not be a Bill Clinton type pivot to the center. There's alot to be optimistic about even though it doesn't seem that way now. For one, you're not alone. And watching the president blame everything and everyone for yesterday's Inflation report and talking about punching people in the face tells me his administration is in collapse.

We will suffer. And getting out won't be easy. But "Morning in America" will return. But it will mean removing these people from any lever of power. Starting with that idiot Granholm and the other one  Yellen

@LMAO have you ever thought of the possibility that the DEMS and leftists will retain power?

[LMAO]

@LMAO have you ever thought of the possibility that the DEMS and leftists will retain power?

That will be diminished after Nov