A Moody’s Analytics analysis of October inflation data revealed that despite the slowdown in inflation in the US, there was little improvement that month.
In September 2022, the average US household spent $445 more than in the same month last year. The October figures improved only slightly, with households having to splash out $433 more a month than they did last year, according to the analysis.
“If you’re continuing to live the same lifestyle, you’re paying more for it,” Joseph Bert, a certified financial planner who serves as chairman and CEO of Certified Financial Group, told US media.
Among the recommendations that the US media outlet offers to Americans in order to save money are trimming their transit budget with the help of a price-tracking service, paying in cash, shopping with a list, and signing up for loyalty programs.
The US Bureau of Labor Statistics has calculated retail prices for food, gasoline, and other basic necessities. The bureau found that eggs had become 43% more expensive and butter about 33%, while the prices of milk and bread had risen by 15%. Gasoline prices went up by 17.5%.
Furthermore, the bureau's data shows that the hourly wage adjusted for inflation for the year fell by 2.8%.
While some economists argue that the "peak of inflation is likely behind us," others warn of a possible recession and job losses, which could hit the US in the next 12 months. Experts agree that the likelihood of this outcome is 63%.
In February, President Joe Biden admitted that "there will be costs at home" due to sanctions imposed on Russia over its special military operation in Ukraine. For several months, Western countries have struggled to cope with an energy crisis, as prices have skyrocketed in the wake of the anti-Russian sanctions.