Average American Household Paying Nearly $300 per Month in Extra Expenses Due to Inflation: Report

The average American household is paying $296.45 per month in extra expenses due to 📈Inflation, according to a report.

Fox News reported senior economist at Moody’s Analytics, Ryan Sweet, arrived at the number following data revealed by the Department of Labor showing consumer prices increased 7.9% in February.

According to the outlet, Sweet compared the average spending of households in February to what they would have spent in 2018 and 2019 when 📈Inflation stood at around 2.1%

Sweet explained, “There is no doubt that the Federal Reserve will increase the target range for the fed funds rate later this month as higher energy prices are making the central bank’s problems even worse.”

He added, “The Fed will respond.”

Fox News noted close to every category of goods and services grew more expensive from January to February. The price of gas increased 6.6%, grocery spiked 1.4% and the cost of fruits and vegetables jumped 2.3%, as the outlet reported.

Vice President Kamala Harris was asked about gas prices and 📈Inflation in the United States during her trip to Romania, as