Inflation has affected us all but how much is it costing us? More than $11,000 a year, according to a new report.
A Senate analysis found that the typical American household needs an extra $11,434 to maintain its standard of living from two years ago, right before inflation soared to 40-year highs (CBS News).
Even with the employment rate being at a good spot and hourly wages increasing more than 13.5%, it still isn’t enough to match the 17% increase from inflation. The areas of life that people are having to spend more money on include housing, transportation, and food.
Some parts of the country are feeling the effects more than others with Colorado having to spend an additional $15,000 to maintain standard of living from 2021. In Tennessee, the average is $10,344.
What are your money-saving tips?
