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.
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.