Report: Living expenses cost Americans an extra $371 per month
Published: Jan. 14, 2023 at 1:50 PM CST
(CNN) - The typical American spent an extra $371 last month due to inflation compared to a year ago, according to a report from Moody’s Analytics.
The good news is that the cost-of-living shock appears to be easing and paychecks are starting to catch up.
At the inflation peak last June, Moody’s Analytics says the typical family spent an additional $502 per month compared with the year before.
Those extra expenses apply to everything from rent to groceries to utilities.
Families are spending around $82 more per month on shelter and $72 more on food.
Moody’s says the bright spot is gasoline, where people saved $1.55 per month compared with the year before.
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