Inflation costing average American household nearly $300 per month: report

Biden administration blames Putin for skyrocketing gas prices

ACU Foundation senior fellow Mercedes Schlapp discusses the Biden administration’s response to rising gas prices and how Americans are not buying into the blame Putin narrative on ‘Fox Business Tonight.’

Skyrocketing inflation rates are costing the average American household $296.45 in extra expenses, according to a recent analysis.

Ryan Sweet, a senior economist at Moody’s Analytics, came to the number following the latest Labor Department data revealing that consumer prices spiked 7.9% in February, according to the New York Post.

Sweet took the average spending of U.S. households in February and compared it to what would have been spent in 2018 and 2019, when inflation hovered at 2.1%.

"Unfortunately, things will get worse before they get better. Higher energy prices in March are going to boost the [Consumer Price Index]," Sweet told the New York Post.

According to the U.S. Bureau of Labor Statistics, U.S. grocery prices increased an average of nearly 11% over last year.  (FNC / Fox News)

INFLATION RISES 7.9% IN FEBRUARY, A NEW 40-YEAR HIGH

Inflation hit a 40-year high in February, driven in part by higher gas prices. The consumer price index climbed 7.9% on an annual basis, according to data released Thursday by the Bureau of Labor Statistics. Inflation rose 0.8%, month over month.

RUSSIA INVADES UKRAINE: LIVE UPDATES

The year-over-year reading compares with an annual 7.5% jump in January. It's the fastest increase since February 1982, when inflation hit 7.6%.

People shop for groceries at a supermarket in Glendale, California, on Jan. 12, 2022. ((Photo by ROBYN BECK/AFP via Getty Images) / AP Newsroom)

INFLATION, HIRING SLAM SMALL BUSINESSES: NFIB

From January to February, nearly every category of goods and services grew more expensive. Gas jumped 6.6% and accounted for almost a third of price hikes. Grocery costs jumped 1.4%, the sharpest one-month increase since 1990, other than during a pandemic-induced price surge two years ago. The cost of fruits and vegetables rose 2.3%, the largest monthly increase since 2010.

Gas prices, all over the $5 per gallon mark, are displayed at a gas station in Rancho Cordova, Calif., Monday, March 7, 2022. (AP Photo/Rich Pedroncelli / AP Newsroom)

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Inflation is outpacing the rate of pay raises for most Americans. The February data were taken before Russia's invasion of Ukraine, which pushed prices at the pump to $4.31 as of Thursday – a record high – according to AAA. The Biden administration has repeatedly blamed Putin for rising gas prices.

Source: Read Full Article