Inflation Eroding Americans' Standard of Living; Lower-Income Families Hit Hardest
• Americans need to spend an extra $11,434 per year to maintain pre-pandemic standard of living due to high inflation
• Main categories requiring heavier spending are food, transportation, housing and energy - almost 80 cents of every extra $1 spent
• Inflation hits lower-income households harder since basics make up larger portion of spending
• Although inflation is cooling from highs earlier this year, prices remain elevated compared to pre-pandemic
• Consumers may not feel relief yet since most prices aren't declining, just increasing at slower pace on top of earlier hikes