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Millions Of American Households Face $3,500 Additional Expenses This Year As Inflation Soars | ZeroHedge

Authored by Katabella Roberts via The Epoch Times (emphasis ours),

Francesco Abbruzzino, The Uncensored Report, LLC



Surging inflation will cost millions of Americans more than $3,000 in additional expenses this year, according to a Penn Wharton University of Pennsylvania Budget Model (PWBM) analysis published on Wednesday.


PWBM, a nonpartisan research-based initiative, estimates that the historic levels of inflation will require the average U.S. household to spend around $3,500 more in 2021 to achieve the same level of consumption of goods and services as in 2019 or 2020.


Moreover, PWBM estimates that lower-income households spend more of their budget on goods and services that have been more impacted by inflation, and will have to spend roughly 7 percent more on such goods and services, while higher-income households will have to spend about 6 percent more.


PWBM came to the estimates by using the Consumer Expenditure Survey (CE), a nationwide household survey conducted by the Bureau of Labor Statistics, and the November 2021 Bureau of Labor Statistics Consumer Price Index (CPI) to investigate how much price changes increase the expenditure for households at different income levels.


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