{"id":1475432,"date":"2022-05-14T19:59:49","date_gmt":"2022-05-14T23:59:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1475432"},"modified":"2022-05-14T19:59:51","modified_gmt":"2022-05-14T23:59:51","slug":"inflation-is-costing-the-average-u-s-household-an-extra-341-a-month","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-is-costing-the-average-u-s-household-an-extra-341-a-month\/","title":{"rendered":"Inflation Is Costing the Average U.S. Household an Extra $341 a Month"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Finflation-is-costing-the-average-u-s-household-an-extra-341-a-month%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1475432&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\"><\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<header id=\"SpecialReportArticle-PageHeaderWithStaticLogo-2\" class=\"PageHeaderWithStaticLogo-container PageHeaderWithStaticLogo-isSpecialReport\" data-test=\"pageHeaderWithTuneInText-0\" data-analytics=\"SpecialReportArticle-pageHeaderWithTuneInText-2-0\">\n<div class=\"PageHeaderWithStaticLogo-main\"><a href=\"https:\/\/www.cnbc.com\/invest-in-you\/\"><img decoding=\"async\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/106419738-1583168063866iiyrsg_logo_horizontal_fc_433x80.png?v=1583168073&#038;h=80&#038;ffmt=webp\" class=\"PageHeaderWithStaticLogo-logoImg\" alt=\"Invest in You: Ready. Set. Grow.\" \/><\/a><\/p>\n<div class=\"PageHeaderWithStaticLogo-bannerWithStaticLogo\"><a href=\"https:\/\/app.adjust.com\/qg04puu_6389hv2?fallback=https%3A%2F%2Fwww.acorns.com%2Fselect-tier%2F%3Fs1%3Dcnbc_grow_invest_in_you\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"PageHeaderWithStaticLogo-staticLogo\" src=\"https:\/\/sc.cnbcfm.com\/applications\/cnbc.com\/staticcontent\/img\/staticHeaderLogos\/cnbc-acorns-logo.png\" alt=\"CNBC Acorns\" title=\"CNBC Acorns\" \/><\/a><\/div>\n<\/div>\n<nav class=\"PageHeaderWithStaticLogo-subNav\">\n<\/nav>\n<\/header>\n<\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<div class=\"ArticleBody-articleBody\" id=\"SpecialReportArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"SpecialReportArticle-articleBody-6-2\">\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107060306\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<div class=\"InlineImage-imageEmbedCredit\">Images By Tang Ming Tung | Stone | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><strong>Editor&#8217;s note:<\/strong>\u00a0<em>This article has been updated with corrected information provided by Moody&#8217;s about additional spending this year by U.S. households to purchase the same goods and services they did last year.<\/em><\/p>\n<p>Americans continue to feel the sting of inflation.<\/p>\n<p>Consumer prices <a href=\"https:\/\/www.cnbc.com\/2022\/05\/11\/cpi-april-2022.html\">rose 8.3%<\/a> in April from a year ago. As a result, U.S. households are spending an additional $341 a month to purchase the same goods and services compared to a year ago due to inflation above typical inflation of 2%, according to an analysis by Moody&#8217;s Analytics senior director Ryan Sweet.<\/p>\n<p>&#8220;This is a little less than last month but still a noticeable burden on households,&#8221; Sweet said.<\/p>\n<p>In March, the Consumer Price Index, which measures the price of goods and services, jumped 8.5% year-over-year.<\/p>\n<p><strong>More from Invest in You:<\/strong><br \/><a href=\"https:\/\/www.cnbc.com\/2022\/05\/11\/where-consumers-plan-to-cut-spending-as-high-inflation-persists.html\">Here&#8217;s what consumers plan to cut back on if prices keep rising<\/a><br \/><a href=\"https:\/\/www.cnbc.com\/2022\/05\/09\/americans-say-inflation-may-have-a-big-negative-impact-on-goals.html\">Inflation may haven negative impact on American&#8217;s long-term financial goals<\/a><br \/><a href=\"https:\/\/www.cnbc.com\/2022\/05\/06\/as-inflation-grips-small-businesses-heres-how-they-are-responding-.html\">As inflation grips small businesses, here&#8217;s how they are responding<\/a><\/p>\n<p>While the pace of price increases moderated, it wasn&#8217;t as much as expected, Bankrate chief financial analyst Greg McBride said in a note.<\/p>\n<p>&#8220;It can be tempting to say we&#8217;ve seen the peak, but we&#8217;ve also been head-faked before, as was the case last August,&#8221; he wrote.<\/p>\n<p>To be sure, consumers are still feeling the pain, particularly when it comes to the cost of food, shelter, airfares and new automobiles. Energy prices, on the other hand, declined 2.7% from March \u2014 although they are still up 30.3% from April 2021.<\/p>\n<p>New car prices rose 1.7% from March, while used cars and trucks saw a 0.4% decrease. Meanwhile, airline fares jumped 18.6% from a month ago and shelter costs rose 0.5%.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Food prices at the grocery store rose 0.9% from March and 9.4% from the year prior. Eggs, chicken and milk were among those hit hardest. The cost of eggs rose 10.3% from last month, while milk was up 3.1% and chicken prices increased 3.4%. Butter increased 3.7% month over month, compared with a 7.1% hike in margarine prices.<\/p>\n<p>However, some prices went down month over month, as with vegetables, which decreased slightly by 0.3%; beef and veal, down 0.9%; and ham, which saw a 1.8% decline.<\/p>\n<p>&#8220;It&#8217;s important to pay attention to the cost of goods, and especially on the items you need to pay consistently every month,&#8221; said <a href=\"https:\/\/www.cnbc.com\/winnie-sun-cnbc-fa-council\/\">Winnie Sun<\/a>, co-founder and managing director of Irvine, California-based Sun Group Wealth Partners.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">Adjust your budget<\/h2>\n<div class=\"group\">\n<p>To combat higher prices and find ways to save money, first review your spending.<\/p>\n<p>&#8220;With the knowledge of how much &#8216;more&#8217; you&#8217;re spending comes the power of making informed decisions,&#8221; said Sun, a member of the <a href=\"https:\/\/www.cnbc.com\/advisor-council\/\">CNBC Financial Advisor Council<\/a>.<\/p>\n<p>That could include whether to buy something in bulk, shopping for sales or swapping a food item for another that is less costly, she added.<\/p>\n<p>Meal planning can also help you <a href=\"https:\/\/www.cnbc.com\/2022\/04\/04\/these-5-tips-can-help-you-save-money-on-groceries-as-food-prices-soar.html\">save on groceries<\/a>.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Money expert Sahirenys Pierce, founder of personal finance blog Poised Finance &#038; Lifestyle, creates a meal plan for the week that incorporates items that are on sale. She then prepares three of those meals on Sunday. Having a plan in place for the remaining days of the week helps her avoid picking up takeout or fast food.<\/p>\n<p>&#8220;This strategy has helped my family save hundreds of dollars during our debt-free journey, the pandemic and now during times of high inflation,&#8221; Pierce said.<\/p>\n<p>Beyond the grocery store, look at other bills, such as subscription services you may be able to live without. Consider trading off an expensive vacation for a daytrip or staycation.<\/p>\n<p>You can also set it up as a monthly money challenge, Sun suggests.<\/p>\n<p>&#8220;Stretch your supermarket budget, shop your pantry, drive less for one month, find creative outlets for a month that will bring joy without adding to your spend,&#8221; she said.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">Bring money in<\/h2>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107060308\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<div class=\"InlineImage-imageEmbedCredit\">Daniel Grill | Tetra Images | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>While saving money will help, so can finding ways to bring more money into your household.<\/p>\n<p>Consider taking on temporary side gigs, such as freelancing or tutoring, or even asking your manager for more assignments for increased pay, Sun advised.<\/p>\n<p>Selling items you can live without, such as toys, appliances and clothing, is another way to bring in some money. You might also rent out something you don&#8217;t use, such as an extra room, garage or even <a href=\"https:\/\/www.cnbc.com\/2021\/04\/25\/covid-side-hustle-renting-out-your-pool-for-cash.html\">your pool<\/a> (check your insurance first).<\/p>\n<p>&#8220;Stretching your earning muscles can really benefit you during challenging financial times and set you up for even greater success when things get better,&#8221; Sun said.<\/p>\n<p><strong>SIGN UP:<\/strong> <a href=\"https:\/\/www.cnbc.com\/money101\/\">Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox<\/a>. For the Spanish version <a href=\"https:\/\/www.cnbc.com\/dinero101\/\">Dinero 101, click here<\/a>.<\/p>\n<p><strong>CHECK OUT<\/strong>: <a href=\"https:\/\/grow.acorns.com\/etsy-passive-income-printables-jen-goncalves\/\" target=\"_blank\" rel=\"noopener\">Meet a 34-year-old who has sold over 11,000 items on Etsy and makes nearly $3,500\/month in passive income<\/a> with <a href=\"https:\/\/grow.acorns.com\/?gsi=55e11w\" target=\"_blank\" rel=\"noopener\">Acorns+CNBC<\/a><\/p>\n<p><em>Disclosure: NBCUniversal and Comcast Ventures are investors in<\/em> <a href=\"https:\/\/www.acorns.com\/?s1=cnbc_invest_in_you\" target=\"_blank\" rel=\"noopener\"><em>Acorns<\/em><\/a><em>.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Images By Tang Ming Tung | Stone | Getty Images   Editor&#8217;s note:\u00a0This<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1475432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1475432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1475432"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1475432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1475432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1475432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1475432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}