Moody’s Analytics senior economist Ryan Sweet calculated the figure based on data released Friday by the Bureau of Labor Statistics that showed the Consumer Price Index had jumped 8.6% in the 12-month period ending May 31 — the largest increase since December 1981.
Sweet compared average US household spending in May to what would have been spent in 2018 and 2019, when annual inflation averaged 2.1%.
"Having inflation at 8.5% on a year-ago basis, compared with the 2.1% average growth in 2018 and 2019, is costing the average household $346.67 per month to purchase the same basket of goods and services as they did last year," Sweet told The Post. "However,
Switzerland makes more than cheese...
the pure cost for households for having inflation running at 8.5% is $460.42 per month."
Soaring inflation has some economic experts worried a recession is coming, as President Joe Biden
...... 46th president of the U.S. Joe's wife and daughter weren't killed by a drunk driver. He didn't graduate with three or even two degrees, wasn't in the top half of his law class, and his daddy didn't come home from a hard day's work in the mines and play football with the guys. The NAACP hasn't endorsed him every time he's run. On the other hand, he did abandon Afghanistan......and the Federal Reserve face pressure to enact policies to slow down the increase.