FINANCIAL SQUEEZE: Inflation costing the average American $717 a month, analysis shows
Financial Services Committee member French Hill discusses how American families are struggling despite a slight ease in inflation in July on ‘Fox Business Tonight.’hottest inflation in decadesThe financial squeeze stems from the rising cost of a number of everyday goods, including cars, rent, food and health care. While the rapid pace of price increases eased slightly in July, the8.5% from the previous year – hovering near a painful, four-decade high, the Labor Department reported on Wednesday.
"While prices did not change from June to July 2022, prices increased 13.3% from January 2021 to July 2022, costing the average American household $717 in July 2022 alone," the analysis said.Even if prices stopped increasing altogether, the inflation that already occurred between August 2021 and July 2022 would cost the average American household an extra $8,607.
Although American workers have seen strong wage gains in recent months, inflation has eroded those entirely. Real average hourly earnings actually decreased 0.5% in July from the previous month when accounting for higher consumer prices, according to the Labor Department. On an annual basis, real earnings actually dropped 3% in July. / Getty Images)
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