Greatest Annual Increase since February 1982
As Moody’s analysis explains, inflation at a 40-year high of 7.5% sounds bad. And it is.
The average U.S. household will spend an extra $276 per month.
It was worse than economists predicted, according to numbers released yesterday by the Bureau of Labor Statistics.
Who’s Feeling the Burden?
Price of Gasoline up 50%
“Middle-class households were squeezed harder than other groups. Middle-class households spend a bigger share of their budgets than others on gasoline—its price was up nearly 50% in December—and used vehicles. … “
“Higher-earning households spent relatively more on dining out and recreation, which rose much less than overall inflation.”
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