American households are spending hundreds more a month, making it easy to see why inflation is politically and publicly unpopular, according to Moody's Analytics.
The report estimated that Russia's invasion of Ukraine has boosted retail gasoline prices by $1 per gallon.can be optimistic that consumers will be able to cope with a temporary spike in fuel costs.
Why? Because "household balance sheets in aggregate are in great shape" and that "consumers are sitting on $2.6 trillion in excess savings," Moody's said. Plus spending on gasoline as a "share of total nominal consumption is low."
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