Tag: inflation surging

Inflation Costing Average American Family $11,500 This Year

Authored by Katabella Roberts via The Epoch Times,

Americans are set to fork out an extra $11,500 this year if they want to enjoy the same standard of living they maintained in 2020, according to new estimates from NerdWallet.

The estimates, published in August, were based on inflation and annual spending data from the U.S. Bureau of Labor Statistics (BLS). Analysts at NerdWallet looked at how spending would compare this year to 2020 when the COVID-19 pandemic began.

Analysts said 2020 was the “last full year when inflation was relatively stable.” In that same year, the U.S. inflation rate was 1.23 percent.

As of August, inflation in the United States stands at 8.3 percent, according to data from BLS.

“In all of 2020, American households spent $61,300, on average,” according to analysts.

“This number includes everything we spend our money on: housing, food, entertainment, clothing, transportation, and everything else.”

“In 2022, it stands to reach $72,900, a difference of more than $11,500 if consumers want to maintain the same standard of living,” they wrote.

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Surging Inflation Might Be the Rumblings of an Economic Tsunami

From Birch Gold Group

Inflation in the U.S. is on the rise, may have started heating up last year, and is now on the cusp of spiraling out of control.

Gasoline prices pushing $5 per gallon are concerning bad, and will strain family budgets across the country following on the heels of the COVID-19 pandemic.

The 400% increase in lumber prices isn’t helping either, and as Business Insider reports: “Certain food items, household products, appliances, cars, and homes are all seeing prices surge” thanks to supply chain issues.

So the economic situation is already pretty dicey.

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US Core Consumer Prices Explode Higher At Fastest Pace Since 1981

Via ZeroHedge

After March’s blowout 0.6% MoM surge in headline CPI, analysts expected a modest slowdown MoM, but surge YoY due to the base-effect comps from April 2020’s collapse. However, it appears analyst massively underestimated as headline CPI surged 0.8% MoM (4 times the +0.2% expected) and exploded 4.2% YoY. That is the biggest YoY jump since Sept 2008 (and biggest MoM jump since June 2008)

Source: Bloomberg

Core CPI was expected to rise by the most this millennia, but it was hotter than that. The index for all items less food and energy rose 3.0% over the past 12 months; this was its largest 12-month increase since January 1996… and the MoM jump of 0.92% is the biggest since 1981

Source: Bloomberg

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