American Households Spending 433 Dollars More Monthly Than Last Year
The analysis looked at October inflation data, as the United States sees the worst inflation in 40 years, an analysis by Moody's Analytics found.
While Moody's figure is down a tad from 445 dollars in September, inflation remains stubbornly high and is putting a dent in the wallets of many Americans, especially those who live paycheck to paycheck.
"Despite weaker-than-expected inflation in October, households are still feeling the squeeze from rising consumer prices," said Bernard Yaros, an economist at Moody's, as quoted in US business news outlet CNBC.
Consumer prices surged in October by 7.7 percent from the same period last year, according to the US Bureau of Labor Statistics. While that was down from June's high of 9.1 percent, current inflation is still wreaking havoc with household budgets.
At the same time, wages have failed to keep pace with rampant inflation, as hourly wages dropped 2.8 percent, according to the Bureau of Labor Statistics.
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