Inflation might be the word of 2022. It's all we ever hear about, because it literally seems to affect every single aspect of our lives.
According to the latest calculations from Moody's Analytics, the average American household was forced to pay $445 more in September, 2022 for the same goods and services compared to September, 2021.
It's a cost that many Americans are having trouble trying to afford.
Jacob Channel, senior economic at LendingTree, told The Post, "For many households, spending hundreds of extra dollars each month on the same basic necessities that they've always bought might not be possible and, as a result, some – if they haven't already – will likely have to resort to cutting back and reducing their standards of living."
"Unfortunately, in the present, the sting of inflation is all but impossible for most to ignore," he added.
The extra costs due to inflation have actually fallen since the summer.
Last June when inflations hit its recent peak of 9.1%, Moody's estimated that consumers were paying an extra $493 per month on regular expenses.
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