Decades-high inflation is costing the average American about $460 extra per month, according to a recent analysis released by Moody’s.
A Moody’s Analytics economist, Ryan Sweet, calculated that figure based on data that was released by the Bureau of Labor Statistics last week that showed the Consumer Price Index jumped 8.6 percent yearly in May, which is the largest increase in more than 40 years.
“Having inflation at 8.5 percent on a year-ago basis, compared with the 2.1 percent average growth in 2018 and 2019, is costing the average household $346.67 per month to purchase the same basket of goods and services as they did last year,” Sweet told the New York Post. “However, the pure cost for households for having inflation running at 8.5 percent is $460.42 per month.”…