No, it’s not what you’re imagining. The price of almost everything in your life is going up.
President Joe Biden this week called the latest inflation numbers good news for Bidennomics, hailing a slightly slower-than-expected 3.2% rise in the consumer price index from a year earlier in October.
But it’s cold comfort to consumers who are still struggling with stratospheric prices for everything from their groceries to their rent to the cars they drive and the gas in their tanks.
In fact, prices have soared by 18.2% compared to October 2020, when the United States was under lockdown due to the coronavirus.
According to data from US inflation calculatorThe price of 12 Grade A eggs has increased 47% over the past three years, from $1.41 to $2.07, according to the study, which tracks price changes in basic staple foods based on the monthly Consumer Price Index (CPI). .
Coffee was also one of the food items that rose the most due to inflation, averaging $6.18 per pound of ground beans, up from $4.52 in October 2020, according to the price aggregation service.
Other staple items that rose about 33% from October 2020 to October 2023 include white bread, which rose 50 cents to $2, and potato chips and chocolate chip cookies, which increased by more than $1. Prices for shoulder loin, bacon, sirloin steak and chicken also rose by more than 22%.
“We don’t think prices will fall significantly,” Mark Zandi, Moody’s chief economist, told the Post when asked about the future of food prices.
High prices continue to squeeze consumers from all sides, including housing where rents have soared more than 20% over the past three years.
According to the apartment search engine rental com, Last month, the median asking rent per month in the U.S. was $2,011. In October 2020, it was $1,667.
Monthly mortgage payments also skyrocketed, according to data from the American Community Survey. According to it, the average monthly mortgage payment in 2020 was $1,621.
National Association of Realtors later reported The average monthly mortgage payment for a single-family home in America will be $2,317 by the end of 2022, an increase of $696, or a whopping 42.9%.
The price of new cars is also on the rise, and according to data from a personal finance site, the average price of a new car in 2020 was $41,152, but as of March this year it had risen to $48,008. money nerd.
As of Wednesday, drivers were paying an average of $3.35 per gallon to fill their cars with gas. According to AAA — approximately 36% higher than the average price per gallon of $2.14 as of October 2020.
“Mainly, the inflation we have experienced is primarily due to the pandemic and the fallout from Russia’s war in Ukraine. As these shocks continue to fade in the rearview mirror, inflation will continue to decline,” Zandi said.
The increase in inflation exceeded the 15.25% increase in hourly wages over the same period. According to federal data, the average hourly wage for all U.S. employees in October 2020 was $29.50, compared to last month, when hourly wages reached $34.
For example, although the slowing pace of inflation has not directly translated into lower food costs, Zandi predicted that “prices will ease significantly.” [price] It will increase over the next 6-12 months. ”
Meanwhile, President Joe Biden has consistently said, [government’s] Despite recently released Treasury data showing the deficit has doubled in the past year,, From about $1 trillion to $2 trillion (yes, with a “T”).