White-hot inflation has forced the average American household to cough up an extra $460 per month, as surging prices for food and fuel put family budgets across the nation under strain.
Moody’s Analytics senior economist Ryan Sweet calculated the figure based on data released Friday by the Bureau of Labor Statistics that showed the Consumer Price Index had jumped 8.6% in the 12-month period ending May 31 – the largest increase since December 1981.
Sweet compared average US household spending in May to what would have been spent in 2018 and 2019, when annual inflation averaged 2.1%.
“Having inflation at 8.5% on a year-ago basis, compared with the 2.1% average growth in 2018 and 2019, is costing the average household $346.67 per month to purchase the same basket of goods and services as they did last year,” Sweet told The Post. “However, the pure cost for households for having inflation running at 8.5% is $460.42 per month.”
Soaring inflation has some economic experts worried a recession is coming, as President Biden and the Federal Reserve face pressure to enact policies to slow down the increase. --->READ MORE HERE
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| REUTERS/Lucy Nicholson |
With inflation soaring to its highest annual rate in four decades and the cost of goods still on the rise, Republicans lambasted the Biden administration and accused Democrats of using the Jan. 6 select committee hearings to distract from the staggering numbers.
House Minority Leader Kevin McCarthy (R-Calif.) called the 8.6% year-over-year inflation rate reported Thursday “out of control.”
“I call on Speaker Pelosi and House Democrats to hold a prime-time hearing on the out-of-control inflation their policies have created,” he wrote on Twitter, referencing the Thursday night made-for-TV spectacle.
“Democrats are putting on yet another partisan show trial to distract from what’s really happening in america. And anyone who’s been to a store realizes the number is significantly higher,” Donald Trump Jr. tweeted.
Rep. Brian Mast (R-Fla.) echoed that thinking, writing, “Newest data shows inflation has broken yet another record and climbed to 8.6% in May. Bidenflation is already costing American families $600 each month. House Democrats should focus on that – not relitigating January 6th.”
“While President Biden and Nancy Pelosi are detached from reality and focused on their political smokescreen January 6 hearings, Kansas families are struggling just to make ends meet each day as they deal with a level of inflation many of them have never seen in their lifetimes,” Sen. Roger Marshall (R-Kan.) said in a statement. “Americans can’t afford everything from gasoline to food to clothes, can’t find baby formula, and are dealing with a fentanyl crisis that is wreaking havoc on our communities. If my nearly 100 town halls are any indication, Kansans are not only mad, they are now panicked about Joe Biden’s inflation. This big spending and more borrowing must come to a screeching halt.” --->READ MORE HEREFollow links below to related stories:
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