Inflation is continuing to force Americans to raid their piggy banks, with the average household spending $433 more in October on the same goods and services as it did at the same time last year, according to a report by Moody's Analytics.
Consumer prices rose 0.4% in October, less than expected, but are up 7.7% from the same time a year ago, according to federal government statistics. Prices in September also saw a 0.4% growth.
The increase in average household spending came down from $445 in September, CNBC reported, but high inflation is hitting the wallets of Americans hard.
"Despite weaker-than-expected inflation in October, households are still feeling the squeeze from rising consumer prices," Bernard Yaros, an economist at Moody's, told CNBC.
The Republican National Committee posted a chart on its Twitter research account that showed various product price increases in October from the same period in 2021. The chart showed prices for food at work and school rose 95.2% from October 2021. The price for eggs is up 43%, airline tickets 42%, and butter and margarine 33.6%.
Energy prices rose 17.6%, and gasoline prices 17.5%. The cost for bread is up 14.8% and milk 14.5%. The chart showed the largest declines came in the prices of smartphones (22.9%) and admission to sporting events (17.7%).
Wages for many workers haven't kept pace with inflation, adding more strain to household budgets. The Bureau of Labor Statistics reported wages fell 2.8% in October from the same time a year ago.
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