26th November 2022 – (Washington) On average, American households are spending 433 U.S. dollars more per month to purchase the same items they did at the same time last year, an analysis by Moody’s Analytics found.
The analysis looked at October inflation data, as the United States sees the worst inflation in 40 years.
While Moody’s figure is down a tad from 445 dollars in September, inflation remains stubbornly high and is putting a dent in the wallets of many Americans, especially those who live paycheck to paycheck.
“Despite weaker-than-expected inflation in October, households are still feeling the squeeze from rising consumer prices,” said Bernard Yaros, an economist at Moody’s, as quoted in U.S. business news outlet CNBC.
Consumer prices surged in October by 7.7 percent from the same period last year, according to the U.S. Bureau of Labor Statistics. While that was down from June’s high of 9.1 percent, current inflation is still wreaking havoc with household budgets.
At the same time, wages have failed to keep pace with rampant inflation, as hourly wages dropped 2.8 percent, according to the Bureau of Labor Statistics.