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.