You're feeling the crunch of inflation. Everyone is. But seeing it rendered as one single number is pretty shocking.
Rampant inflation forced the average American household to pay a whopping $445 more in September for the same basket of goods and services compared to one year earlier, according to the latest calculations from Moody's Analytics.
Moody's Analytics senior economist Ryan Sweet tallied the budget-crushing sum after inflation hit 8.2% in the September Consumer Price Index. While gas prices have fallen compared to recent highs, the cost of food and housing are still hovering near their highest level in decades.
The massive uptick in the price of daily necessities is a cost that many American consumers can't afford to pay in the current economy, according to Jacob Channel, senior economic at LendingTree.
No jokes, no gags. Just an absolute ton of money going out the door.
Money that could be used to pay for things your family needs — groceries, gas, rent, school, medical bills.