Many U.S. households are struggling to keep up with the growing cost of living as food and energy costs skyrocket.
In June, the Consumer Price Index (CPI) revealed that food prices advanced 10.4 percent, with many staples rising double digits from a year ago. Bread prices rose 10.8 percent, chicken climbed 18.6 percent, eggs soared 33.1 percent, and milk increased 16.4 percent.
Bureau of Labor Statistics (BLS) data also highlighted the 41.6 percent jump in energy costs, which included a 98.5 percent spike in fuel oil, a 60 percent boost in gasoline, and a 13.7 percent rise in electricity.
While price inflation affects everyone, research reveals that the financial pressures of a sweltering broad-based CPI are being felt differently across the country….