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Inflation is costing the average US household an additional $296 per month based on the 7.9 percent rise in consumer prices in February, reported CNBC, citing Moody's Analytics.
"It is going to get worse before it gets better," said Moody's Analytics senior economist Ryan Sweet, who conducted the analysis.
A recent analysis by the Penn Wharton Budget Model found low- and middle-income US households spent about 7 percent more in 2021 for the same products they bought in the previous two years, while spending by wealthy households went up 6 percent, it added.
Another survey from Bankrate revealed last week found 74 percent of US adults who had experienced higher prices in the past year reported that recent price increases have hit their wallets hard.
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