BREAKING: Inflation is Costing You $250 a Month

Inflation, which is rising at the fastest rate in 40 years, is costing the average household an extra $250 a month, according to a new economic analysis by the Wall Street Journal.

The $250 is largely due to higher prices across many products and services, including vehicles, gas, and groceries.

Inflation rose to a 7.5% annual rate in January, the Labor Department said Thursday, increasing to a four-decade high as government spending and stimulus, consumer demand, and supply chain shortages continue to drive the consumer-price index up.

According to the Wall Street Journal, "Inflation has been above 5% for the past eight months."

“A lot of people are hurting because of high inflation. $250 a month—that’s a big burden,” said Ryan Sweet, a senior economist at Moody’s Analytics who conducted the analysis. “It really hammers home the point of ‘what is the cost of inflation?’”

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Contributor(s)

Al K. Scott, Joseph Hugh