Compared with 2021, the typical household must spend an additional $11,434 annually just to maintain their standard of living, analysis shows.
www.cbsnews.com
"On the edge"
"Average hourly pay for workers has increased robust 13.6% since January 2021, although that lags the 17% increase in inflation during the same period, according to government data."
"On average, Americans need an additional $11,434 to afford the same standard of living in October 2023 compared with January 2021 due to inflation. But some states require much more, with the biggest gap in Colorado, at almost $15,000."
"Although inflation is cooling, many consumers may not be feeling much relief because most prices aren't declining (One major exception: gas prices, which are notoriously volatile and which have declined about 5% in the past year.) Consumers are still paying more, albeit at a slower pace, on top of the higher prices that were locked in when price hikes surged in 2022 and earlier this year."
Bidenomics