You're Now Paying $1,037 More Each Month as the Cost of Living Rises

By Bo Beard | May 18, 2024

Inflation rate

With the prices of essential items such as food, rent, and fuel on the rise, Americans are facing the harsh reality of an increasingly expensive cost of living. 
 

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Recent data from the Consumer Price Index indicates a significant 3.5% inflation rate compared to the previous year, surpassing the initial forecast of 3.0%.
 

The average American

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Moody's Analytics reports that the average American household now spends around $270 more per month on basic necessities than a year ago. This equates to a substantial $1,037 increase per month compared to three years ago, underscoring the continuous upward trend in living costs.