Inflation Has Cost the Average Family Over $6K
According to EJ Antoni, an economist and research fellow for regional economics in the Center for Data Analysis, the average American family is losing real income due to inflation over the last two years.
“American are being crushed by higher prices. The average family has lost $6,100 in real income (how much their wages can actually buy) … and have added another $1,300 in higher borrowing costs,” stated EJ Antoni.
“These effects have effectively made the average family $7,400 poorer… (and) With winter setting in, Americans are facing 19% higher heating bills on average,” Antoni said.
The food index rose 0.6%
The energy index rose 1.8%
The fuel oil index rose 19.8%
The used car and truck index decreased 2.4%
The apparel index decreased 0.7%
This September, the consumer price index rose 0.4%, showing that inflation remained at a near four-decade high of 8.2%, according to the U.S. Bureau of Labor Statistics reported last month.
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