Inflation Still Pinching Americans' Wallets as Prices Remain High for Essentials Like Groceries, Rent, Cars and Gas
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Prices for everyday items like groceries, rent, cars, and gas are still much higher than before the pandemic. Eggs, coffee, bread, and meat prices have spiked.
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Monthly rent and mortgage payments have increased over 20% and nearly 43% respectively from 2020 to 2022.
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The average price of a new car has risen from $41,152 in 2020 to $48,008 in 2022. Gas prices remain about 36% higher than fall 2020.
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Wage growth of 15% since 2020 hasn't kept pace with inflation of over 18% in that time.
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Though inflation is cooling slightly, prices for necessities like groceries haven't come down yet. Further moderation is expected in the next 6-12 months.