High inflation is costing Americans an extra $1K a month
Inflation is falling but buying food can still be expensive. Grocery prices surged 21% in the last three years, surpassing the overall 18% pace of inflation during that same time period, according to the Bureau of Labor Statistics.
Inflation is once again gaining steam, forcing the average American to shell out a lot more money for everyday necessities.
The typical U.S. household needed to pay $227 more a month in March to purchase the same goods and services it did one year ago because of still-high inflation, according to calculations from Moody's Analytics chief economist Mark Zandi shared with FOX Business.
Americans are paying onaverage $784 more each month compared with the same time two years ago and $1,069 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.
JAMIE DIMON WARNS INFLATION, INTEREST RATES MAY REMAIN ELEVATED
People shop in the food section of a retail store in Rosemead, California, on Jan. 19, 2024. (Photo by FREDERIC J. BROWN/AFP via Getty Images / Getty Images)
«Inflation has not just stalled, but it is moving in the wrong direction,» said Lisa Sturtevant, chief economist at Bright MLS.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.4% in March from the previous month. Prices climbed 3.5% from the same time last year, above the 3.2% figure recorded in February.
However, when compared with January 2021, shortly before the inflation crisis began, prices remain up a stunning 18.94%.
Inflation has created severe financial pressures for most
Read more on foxbusiness.com
