Skyrocketing inflation rates are costing the average American household $296.45 in extra expenses, according to a recent analysis.
Ryan Sweet, a senior economist at Moody’s Analytics, came to the number following the latest Labor Department data revealing that consumer prices spiked 7.9% in February, according to data obtained by FOX Business.
Sweet took the average spending of U.S. households in February and compared it to what would have been spent in 2018 and 2019, when inflation hovered at 2.1%.
The CPI over just the past six months rose 2.5% — a staggering level of growth, with an increase of .8 in February alone before Russia invaded Ukraine.
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