Inflation is walloping Americans in the wallet on a multitude of consumer goods. Sky-high inflation will cost American families an extra $5,520 a year, according to an economic analyst from one of President Joe Biden’s favorite financial outlets.
On Friday, the Bureau of Labor Statistics announced that the consumer price index spiked 8.6% year-over-year – the highest rate in more than 40 years.
Moody’s Analytics senior economist Ryan Sweet revealed exactly how much financial hurt American families are experiencing because of surging inflation.
“Having inflation at 8.5% on a year-ago basis, compared with the 2.1% average growth in 2018 and 2019, is costing the avg household $346.67 per month to purchase the same basket of goods/services as they did last year,” Sweet wrote on Twitter. “However, the pure cost for households for having inflation running at 8.5% is $460.42 per month. This estimate is based solely on the realized inflation rate and doesn’t adjust for what inflation would have been absent the pandemic because that is highly uncertain.” – READ MORE