The typical American household will spend $5,915 more on everyday items this year than in 2021, with inflation running at a 40-year high and stinging prices at gas pumps and grocery store checkouts, DailyMail.com can reveal.
Householders are spending nearly $493 more each month to buy the same items they were buying a year ago, said Moody’s Analytics economist Mark Zandi, who studied the latest U.S. government price data.
He called this a ‘big deal for a household making about $60,000 per year’. The median household income in the U.S. is $67,521.
Consumers across the U.S. told DailyMail.com how they have struggled to put food on the table after inflation reached 9.1 percent — its highest rate since the 1980s — meaning cutbacks on basics such as butter and beefsteaks.
In another sign of economic strain, the U.S. slipped into a recession after Thursday’s announcement of a second straight quarterly decline in economic turnover.
The Federal Reserve raised its key interest rate by 0.75 percent on Wednesday to battle high inflation, putting the brakes on the economy and making it harder to repay mortgages, credit cards and other debt.
Experts blame everything from President Joe Biden’s spending spree and supply chain snarl-ups to the war in Ukraine and sanctions on Russia roiling global food and energy markets.
Against this gloomy economic backdrop, DailyMail.com examined the latest data from the government’s Bureau of Labor Statistics (BLS) and found the 45 items that were most frequently burning a hole in American pockets.
WHY is Biden NOT yet Impeached ??? DUGH