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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Al K. Scott, Joseph Hugh
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