By The FirstNew data released Thursday shows most American families are spending an additional $250 a month due to rising inflation, a staggering yearly figure for those struggling during the covid pandemic and stagnant economic recovery.
“The average U.S. household is spending an additional $250 a month because of inflation that is rising at its fastest rate in 40 years, a new economic analysis showed. The squeeze stems from higher prices across a range of products and services, including cars, gasoline, furniture and groceries,” reports the Wall Street Journal.
“A lot of people are hurting because of high inflation. $250 a month—that’s a big burden,” said Ryan Sweet, a senior economist at Moody’s Analytics. “It really hammers home the point of ‘what is the cost of inflation?’”
Read the full report here.
