Household spending in US up $433 in 1 year

The average American household is spending $433 more a month to buy the same goods and services it did a year ago, according to a Moody’s Analytics analysis of October inflation data, Report informs referring to CNBC.

While down slightly from than the $445 monthly figure in September, stubbornly high inflation is stretching the typical budget.

“Despite weaker-than-expected inflation in October, households are still feeling the squeeze from rising consumer prices,” said Bernard Yaros, an economist at Moody’s.

Analysts took into account retail prices for food, gasoline and essential goods when calculating expenses. Chicken eggs have become more expensive by 43%, butter has increased in price by 33%, milk and bread have risen in price by 15%. Gasoline rose by 17.5%.

Consumer prices jumped by 7.7% in October from a year ago, according to the US Bureau of Labor Statistics. That rate is down from 9.1% in June, which marked the recent peak, and data suggests inflation may cool further in coming months. However, October’s rate is still near the highest levels since the early 1980s.