2023-10-14 1:09pm
The typical U.S. household is spending $445 more a
Inflation is causing American households to spend $445 more per month buying the same items they did a year ago, according to an estimate from Moody’s Analytics.
Consumer prices jumped by 8.2% in September versus the same month in 2021, the U.S. Bureau of Labor Statistics said Thursday. That rate is down from 9.1% in June, which marked the recent peak, but is still near the highest levels since the early 1980s.
Wages for many workers haven’t kept pace with inflation, meaning they’ve lost purchasing power. Hourly earnings fell 3%, on average, in the year to September after accounting for inflation, according to the bureau.
Consumer prices jumped by 8.2% in September versus the same month in 2021, the U.S. Bureau of Labor Statistics said Thursday. That rate is down from 9.1% in June, which marked the recent peak, but is still near the highest levels since the early 1980s.
Wages for many workers haven’t kept pace with inflation, meaning they’ve lost purchasing power. Hourly earnings fell 3%, on average, in the year to September after accounting for inflation, according to the bureau.