Feb 10, 2022
Inflation Has Americans Shelling Out Another $276 a Month
Bloomberg News
,(Bloomberg) -- The typical U.S. household is spending an additional $276 a month on goods and services because of rising inflation, according to Moody’s Analytics Inc.
The government’s latest index of consumer prices showed inflation soared 7.5% in January from a year ago, a fresh four-decade high. The widely followed gauge rose 0.6% from a month earlier, reflecting broad increases that included higher food, electricity and housing costs.
“Having inflation at 7.5% on a year-ago basis, compared with the 2.1% average growth in 2018 and 2019, is costing the average household $276 per month,” said Ryan Sweet, a senior economist at Moody’s. The cost of inflation differs across income and demographic cohorts, he said.
Excluding the volatile food and energy components, so-called core prices increased 6% from a year ago, also the most since 1982, and 0.6% from a month earlier.
Annual Price Increases in Select Categories
- Food -- 7% in January, most since 1981
- Fuel oil -- 46.5%
- Gasoline -- 40%
- Electricity -- 10.7%
- Piped natural gas -- 23.9%
- Household furnishings, supplies -- record 9.3%
- New vehicles -- 12.2%, most since 1975
- Toys -- 2%, most since 1997
- Rent of shelter -- 4.4%, most since 2007
- Recreation services -- record 5%
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