{"id":1603461,"date":"2022-08-12T14:03:12","date_gmt":"2022-08-12T18:03:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1603461"},"modified":"2022-08-12T14:03:18","modified_gmt":"2022-08-12T18:03:18","slug":"heres-how-much-inflation-is-costing-you-each-month","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heres-how-much-inflation-is-costing-you-each-month\/","title":{"rendered":"Here\u2019s How Much Inflation Is Costing You Each Month"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/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%2Fheres-how-much-inflation-is-costing-you-each-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=1603461&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--><p><a href=\"http:\/\/dailywire.com\/topic\/inflation\" target=\"_blank\" rel=\"noopener\">Inflation<\/a> cost the typical American household over $700 last month, according to a Wednesday analysis from Republican members of the Joint Committee on Taxation.<\/p>\n<p>According to the <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">Bureau of Labor Statistics<\/a>, year-over-year inflation reached 8.5% in July, with the slight moderation from the 9.1% reading in June <a href=\"https:\/\/www.dailywire.com\/news\/white-house-starts-victory-lap-amid-slightly-less-dismal-inflation-reading\">driven<\/a> by lower prices at the pump \u2014 even as prices for food, new vehicles, medical care, and shelter continued to rise.<\/p>\n<p>The lawmakers\u2019 <a href=\"https:\/\/www.jec.senate.gov\/public\/_cache\/files\/e8a88ede-ceba-48a2-b81c-0fbef57a640d\/state-inflation-tracker-july-2022.pdf\">State Inflation Tracker<\/a> \u2014 which uses January 2021 as a benchmark month \u2014 determined that inflation cost average American households $717 in July 2022 alone. Even if prices stop increasing altogether, inflation will cost Americans $8,607 from August 2022 through July 2023.<\/p>\n<p>\u201cAmericans are facing the highest inflation rates in decades, making it harder for them to afford everyday goods and more expensive to raise their families,\u201d the analysis said.<\/p>\n<p>Households in New England states such as Maine, New Hampshire, Vermont, and Massachusetts are witnessing the least severe inflation, while households in western states like Arizona, Idaho, and Utah are facing the most pronounced inflation. Price levels in Washington, D.C., are the highest in the country, with families paying an extra $1,037 per month to cover living expenses.<\/p>\n<p>President Joe Biden and other White House officials, however, spun the latest price level news by <a href=\"https:\/\/www.dailywire.com\/news\/biden-claims-america-had-zero-percent-inflation-in-the-month-of-july\">noting<\/a> that inflation was, on paper, 0% last month \u2014 with scant mention of continually rising prices for food and other commodities, as well as the fact that inflation was 1.4% when Biden <a href=\"https:\/\/fred.stlouisfed.org\/series\/CPIAUCSL\">assumed<\/a> office.<\/p>\n<p>\u201cToday we received news that our economy had 0% inflation in the month of July,\u201d Biden told members of the press. \u201cHere\u2019s what that means \u2014 while the price of some things went up last month, the price of other things went down by the same amount. The result: zero inflation last month. People are still hurting, but zero inflation last month.\u201d<\/p>\n<p>In the same way, White House officials <a href=\"https:\/\/www.dailywire.com\/news\/leftist-establishment-praises-biden-for-gas-going-below-4-forgets-it-was-2-39-when-he-took-office\">downplayed<\/a> the broader context of record-high gas prices in a manner favorable to Biden as costs dipped below $4.00 per gallon for the first time in months. National Economic Council Director Brian Deese told <a href=\"https:\/\/www.cnn.com\/2022\/08\/11\/energy\/gas-prices-4-gallon\/index.html?utm_content=2022-08-11T08%3A34%3A36&#038;utm_source=twcnnbrk&#038;utm_medium=social&#038;utm_term=link\">CNN<\/a> that the somewhat lower prices reflect \u201cmeaningful savings people are going to feel in their lives,\u201d while White House Chief of Staff Ron Klain <a href=\"https:\/\/twitter.com\/RonaldKlain\/status\/1556270827250884608\">said<\/a> on social media that the United States has witnessed \u201canother day of falling gas prices\u201d as the Senate works on \u201cinflation-fighting legislation\u201d \u2014 a reference to the $740 billion Inflation Reduction Act.<\/p>\n<p>Prices at the pump dropped to $3.98 as of Friday, according to <a href=\"https:\/\/gasprices.aaa.com\/\">AAA<\/a>, while figures from the <a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=PET&#038;s=EMM_EPMR_PTE_NUS_DPG&#038;f=W\">Energy Information Administration<\/a> show that prices were $3.53 in the days before the Russian invasion of Ukraine and more than <a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-hit-grim-national-average-of-5-per-gallon\">$5.00 per gallon<\/a> in early June. Nevertheless, gasoline was $2.39 per gallon in late January 2021 \u2014 meaning that current prices are 67% higher than at the beginning of Biden\u2019s term, with 70% of the total increase occurring before the Russian invasion.<\/p>\n<p>A slim 12% of Americans believe that the Inflation Reduction Act will actually decrease inflation, according to a recent YouGov <a href=\"https:\/\/www.dailywire.com\/news\/poll-only-12-of-americans-believe-democrat-inflation-reduction-act-will-actually-reduce-inflation\">poll<\/a>, while 75% of Americans identified the cost of living and inflation as the most pressing economic issues facing their families in a recent CNN <a href=\"https:\/\/www.dailywire.com\/news\/bidens-approval-plunges-to-38-just-25-think-hes-handling-inflation-well\">survey<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflation cost the typical American household over $700 last month, according to a Wednesday analysis from Republican members of the Joint Committee on Taxation. According to the Bureau of Labor Statistics, year-over-year inflation reached 8.5% in July, with the slight moderation from the 9.1% reading in June driven by lower prices at the pump \u2014 &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1516013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1603461","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\/1603461","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1603461"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1603461\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1516013"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1603461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1603461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1603461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}