Inflation May Force Families To Spend Thousands More This Year Just To Get By
(NewsReady.com) – Inflation has hit 40-year highs in 2022. Americans are paying more for almost everything as the economy struggles to recover from the pandemic. A new report indicates families will pay thousands more this year to keep up with skyrocketing costs.
In August, the US Congress Joint Economic Committee published an inflation teacher showing how much prices have gone up since January 2021. The results were staggering, showing households spending thousands more just to survive. For example, inflation is up more than 15% in Utah. Families in the state are paying $925 more each month, or $11,100 annually. Meanwhile, residents of Florida have seen a 13.8% increase in inflation and are paying $776 more each month and $9,318 annually. Colorado is the hardest hit state, paying $11,438 more per year.
While prices on average showed no change over the month of July, inflation since January 2021 is costing Americans $717 each month. See our full breakdown of today's numbers here:https://t.co/pcrdRZ4GhY
— Joint Economic Committee Republicans (@JECRepublicans) August 10, 2022
Nerd Wallet also published a report stating the average family will pay an extra $11,500 this year to keep up with the price increases. Prices have gone up 8.5% for year-over-year household spending. In 2020, Americans spent about $61,300 on household expenses on average; that has now expected to reach $72,900 in 2022. For middle- and low-income families, that much of an increase can absolutely obliterate them financially.
Have you noticed your budget drastically increasing? If so, how much more are you paying?
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