From rent and groceries to utilities, families are paying a lot more every month as they try to keep up with inflation
And while inflation has cooled in recent months, the typical household spent $371 more on good and services in December than a year ago, according to Moody’s Analytics. The good news is that the cost-of-living shock appears to be easing and paychecks are starting to catch up. At the inflation peak last June, the typical family spent an additional $502 per month compared with the year before, according to Moody’s. So where is sticker shock hurting the most? Families are spending an estimated $82.
Egg prices have spiked by nearly 60% over the past year, the biggest annual increase since 1973, in part due to a supply crunch caused by avian flu. Other items that are costing families more per month include utilities , health care , entertainment and alcoholic beverages , according to Moody’s. The bright spot is gasoline, where the typical family saved $1.55 per month compared with the year before.
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