Author Topic: High inflation is still squeezing Americans' budgets  (Read 217 times)

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High inflation is still squeezing Americans' budgets
« on: February 14, 2024, 03:10:06 pm »
 February 14, 2024 9:21am EST
High inflation is still squeezing Americans' budgets
High inflation costing Americans an extra $1,109 a month compared with 3 years ago

Inflation may be gradually cooling, but the average American is still shelling out a lot more money for everyday necessities.

The typical U.S. household needed to pay $213 more a month in January to purchase the same goods and services it did one year ago because of still-high inflation, according to new calculations from Moody's Analytics chief economist Mark Zandi.

Americans are paying on average $605 more each month compared with the same time two years ago and $1,019 more compared with three years ago, before the inflation crisis began.

The analysis suggests that while inflation has fallen from the highs of mid-2022, many families have yet to see material relief.

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Re: High inflation is still squeezing Americans' budgets
« Reply #1 on: February 14, 2024, 03:16:22 pm »
Double whammy for me this year.  Had to take more money from our retirement IRA's to cover added expenses due to inflation and increased car and home insurance.  Then in turn, I had to pay more fed income taxes on that added revenue.

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