From rent and groceries to utilities, families are paying a lot more every month as they try to keep up with inflation
And while inflation has cooled in recent months, the typical household spent $371 more on good and services in December than a year ago, according to Moody’s Analytics. The good news is that the cost-of-living shock appears to be easing and paychecks are starting to catch up. At the inflation peak last June, the typical family spent an additional $502 per month compared with the year before, according to Moody’s. So where is sticker shock hurting the most? Families are spending an estimated $82.
Egg prices have spiked by nearly 60% over the past year, the biggest annual increase since 1973, in part due to a supply crunch caused by avian flu. Other items that are costing families more per month include utilities , health care , entertainment and alcoholic beverages , according to Moody’s. The bright spot is gasoline, where the typical family saved $1.55 per month compared with the year before.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US hostage envoy quietly traveled to Venezuela to see detained Americans | CNN PoliticsThe US State Department’s top official for hostage and detainee issues quietly traveled to Venezuela last month as efforts to bring home Americans wrongfully detained there continue.
Read more »
Watch: CNN speaks to Ukrainians living on frontlines of Soledar battle | CNNFighting is still raging in Soledar, a salt mining town in eastern Ukraine, despite Russian claims that it has gained control of the region. Should Russian troops capture the town, it would mark Moscow's first gain in the Donbas for months -- potentially offering President Vladimir Putin a symbolic win after a string of defeats on the battlefield. CNN's Ben Wedeman reports.
Read more »
First on CNN: US Navy veteran released from Russian custody | CNN PoliticsAn American Navy veteran who has been detained in Russia for nearly a year was released from Russian custody on Thursday, his family's spokesperson told CNN, after months of negotiations spearheaded by former New Mexico Gov. Bill Richardson.
Read more »