The average American household will have to spend an additional $5,200 this year to live the exact same life as a result of record inflation, according to a study from Bloomberg.
From Fatherly, “You’ll Need $5200 More This Year to Live the Exact Same Life”:
The current inflation rate, where prices are rising at the fastest pace that they have in 40 plus years, is walloping the wallets of parents. Working families are now struggling with rising gas prices, higher grocery bills, and a housing market that seems out of control — just look at rent costs that have skyrocketed as much as 40 percent in some cities. And new data from Bloomberg economists have found out just how much inflation will impact a family budget in a dollar amount this year.
As of February 2022, the consumer price index rose by 7.9 percent over last year. That massive growth in the cost of everyday items from eggs to vegetables has the potential to completely screw with our budgets — and it’s will continue to impact our budgets over the next few months, to the tune of many hundred dollars a month.
“Inflation will mean the average U.S. household has to spend an extra $5,200 this year ($433 per month) compared to last year for the same consumption basket,” Bloomberg Economics reports.
Read More: Study: Americans Will Need to Spend $5,200 More This Year to ‘Live The Exact Same Life’