Americans are paying $717 more on average per month because of the highest inflation in almost 41 years, according to an Aug. 12 report from the Joint Economic Committee Republicans.
Despite inflation slowing down slightly in July, the Consumer Price Index reported that prices climbed 8.5 percent from the previous year from 9.1 percent in June, according to the U.S. Bureau of Labor Statistics on Aug. 10. This was largely driven by the rising cost of goods, such as cars, housing, food, and healthcare.
The JEC Republicans’ State Inflation Tracker, which estimates the effects of the rising levels of inflation on American households in each U.S. state, was able to calculate the average rise in household expenses by comparing the price of goods and services in July to what they would have cost back in January 2021, when inflation was at 1.4 percent….