The elevated inflation rate is forcing U.S. citizens to spend hundreds of dollars a month extra than usual, forcing many into a financially tough spot as households struggle to make ends meet.
The average U.S. household in November spent $396 more a month to buy the same goods and services they purchased a year back, according to data from Moody’s Analytics. As wage growth trailed behind inflation for average workers, their paychecks were only able to afford fewer or cheaper items over the year.
In an interview with CNBC, Mark Zandi, chief economist at Moody’s Analytics, said that it’s going to be a “long road” before inflation comes down, perhaps taking 18 more months. Though the pain from inflation is “increasingly less intense,” it still remains “painfully high,” he added….