Thursday, July 21, 2022

Inflation Costs $8,000 in Purchasing Power

The Republicans on the congressional Joint Economic Committee have calculated that from January 2021 through the end of this year, inflation will have cost the typical American family nearly $8,400. If these trends continue, this means that inflation will have erased all of the $6,400 median household income gains that were made under Trump. Here are the highlights:
  • Prices increased 13.3 percent from January 2021 to June 2022, costing the average American household $718 last month alone
  • Even if prices stop increasing altogether, the inflation that has already occurred will cost the average American household $8,616 over the next 12 months.
  • In the United States overall, the monthly inflation cost in June 2022 was highest within transportation ($343), followed by energy ($214), food ($85), and shelter ($81).
  • Families in Colorado are facing the highest transportation inflation ($487) and shelter inflation costs ($149); families in California are facing the highest food inflation costs ($111); and families in Texas are facing the highest energy inflation costs ($282).
Full report here

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