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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?
Wells Fargo economists examined the situation closer, according to Gwynn Guilford writing in the Wall Street Journal:
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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