Inflation has started to cripple the U.S. economy. Consumer prices, as measured by the consumer price index, were 9.1% higher this June compared to the same time last year. This rate of inflation is a four-decade high.
The prices of many essential items have risen by double digits. The items that increased the most in price include such everyday necessities as gas, eggs, some meats, and a number of other regularly-purchased foods. And for those who have needed a new or used car this year, prices have risen by as much as 50% compared to 2021. (See: record inflation driving up prices for these 40 household items.)
To mitigate inflation’s effects, Americans need to evaluate their consumption habits and lifestyle choices. Specifically, there are 10 things in the current inflationary climate — some general issues and some specific items — that can dent a household budget the most. Households might need to curtail or entirely end consumption of some items. They might also need to re-examine other choices.
When people know what causes inflation, they are better off in making adjustments than when they do not. (No matter what, however, inflation is an even greater hardship for people who are already struggling financially. This is the city where the most people rely on food stamps in every state.)
The most important data economists use to detect inflation by product or service is the Bureau of Labor Statistics’ Consumer Price Index Summary. It is available to the public. It measures the price increases of dozens of items every month compared to the previous months and the same month in 2021.
These are 10 things Americans need to worry about with high inflation, including suggestions as to how some might be addressed.
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