Article

2022-02-12 Economy

Inflation Costs American Households $276 More Per Month

[PJ] We all know the toll that inflation is taking on our everyday lives. We can see it at the gas pump, at the grocery store, and just about everywhere else we spend money.

Inflation has hit 7.5%, and we’ve just seen the largest one-month increase since 1982.

"Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation leaping in the past year," the Associated Press explains. "And there are few signs that it will slow significantly anytime soon."

And we now know just what kind of impact this level of inflation is making on American households. Ryan Sweet of Moody’s Analytics has estimated that the average U.S. household is paying $276 per month more than it did before inflation soared so high.

Sweet calculated what households pay for goods now compared to what they paid when inflation was at 2.1% in 2018 and 2019.

"It really hammers home the point of ’what is the cost of inflation?’" said Sweet.

Bear in mind that this figure is an average. Families who have spent more money on products whose prices have increased more than 7.5% are taking a bigger hit. The Wall Street Journal gives the example of washing machine prices, which have risen 12.1% over 2021.

Wells Fargo and the U.S. Department of Labor measured the price increase of various categories of goods over the past year. (This study was released at the end of January, so it reflects a Consumer Price Index increase of 7% as opposed to 7.5%.)

Posted by Besoeker 2022-02-12 05:26|| || Front Page|| [11139 views ] Top

#1 Anyone heard the phrase "American Exceptionalism" recently? Me neither.

Posted by Besoeker 2022-02-12 05:30|| 2022-02-12 05:30|| Front Page Top

#2
On an average month, we Gas up 4 to 5 times. Plus we purchase Food and other common items each month for a total of about $1,150 to $1,250.

(ammo costs not included ☺)

Using my own EWAG adjustment, I would feel comfortable in saying we are easily in the MID to HIGH $300 per month for the 2021-2022 Biden tenure.

Or about $3,600 to $4,500 ++ more per year.

Come to think of it...
Doesn't that wipe out all of the 2020-2021 Biden C-19 Stimulus Checks and more, since these higher prices will be here to stay for years?

Posted by NN2N1 2022-02-12 06:39|| 2022-02-12 06:39|| Front Page Top

#3 My gas and electric bill by itself has gone up over $100.

Posted by Abu Uluque 2022-02-12 13:44|| 2022-02-12 13:44|| Front Page Top

#4 Stupid fvcks. Fracking + lower gas prices alone SAVED ordinary Americans THOUSANDS OF DOLLARS PER YEAR per household. Magoo and his gerbil worming idiots destroyed these savings, made Russia flush with oil revenues and put us on the back foot worldwide.

It's getting harder and harder to believe this colossal destruction of our wealth and independence was not deliberate.

Posted by Merrick Ferret 2022-02-12 14:10|| 2022-02-12 14:10|| Front Page Top

#5 At the point where inflation starts harming the amount of chinese made crap purchased in the US, Joe will get a phone call from his boss.

Posted by M. Murcek 2022-02-12 14:12|| 2022-02-12 14:12|| Front Page Top

#6 From the Left, who can't meme, not too long ago:

"Tired of hearing you complain about the price of gas while you are buying a $10 cup of coffee!"

Didn't last long. Think somebody figured out why that cup of coffee now costs $10.

Posted by swksvolFF 2022-02-12 15:33|| 2022-02-12 15:33|| Front Page Top

05:18 Whiskey Mike
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