Making a person choose between feeding their family and paying the water bill, or the electricity and gas bill, or paying rent is criminal!
That is terrible! There is only so much money going around!
Make a list of your expenses and write them down. Figure out what the real cost of everything is!
Take a look at these.
Historical Inflation Rate for the U.S.
In the United States, the Bureau of Labor Statistics publishes the Consumer Price Index (CPI) every month, which can be translated into the inflation rate. The following is the listing of the historical inflation rate for the United States (U.S. dollar) since it is available.
Source: https://www.calculator.net/inflation-calculator.html
Here's what's happening to utility cost.
The increase that is affecting millions of people, straining household budgets and jeopardizing home health and safety, especially among low-income families, is caused by a number of circumstances, including the invasion of Ukraine, the pandemic, and climate-related occurrences. The largest rise, of 44% from the previous year, was recorded in fuel oil, which is still a significant source of home heating in the northeast but less so in the rest of the US. Since it is a petroleum product, its movement resembles trends in gasoline.
Source: https://www.theguardian.com/us-news/2022/mar/13/us-utility-bills-energy-prices-increaseLet's look at gasoline prices.
Gas prices in 2022 are significantly higher than the five-year national average, reaching $4.99 per gallon the week of June 16, 2022, a week in which Californians paid an outrageous $6.43 per gallon.
The current national average of $3.76 per gallon is more than the average price of petrol since 2018: $2.89 per gallon, even though it is a long way from the peak in 2022 of $4.99 per gallon. As a result, the price at the pump in 2022 will be approximately $0.87 higher than the national five-year average.
Source: https://www.finder.com/gas-pricesWhat about food?
Source: https://www.ers.usda.gov/data-products/food-price-outlook/summary-findings/#:
The level of food price inflation varies depending on whether the food was purchased for consumption at home or away from home:
- The food-at-home (grocery store or supermarket food purchases) CPI increased 0.6 percent from August 2022 to September 2022 and was 13.0 percent higher than September 2021; and
- The food-away-from-home (restaurant purchases) CPI increased 0.9 percent in September 2022 and was 8.5 percent higher than September 2021.
In 2022, food price increases are expected to be above the increases in 2020 and 2021. In 2022, all food prices are predicted to increase between 9.5 and 10.5 percent, food-at-home prices are predicted to increase between 11.0 and 12.0 percent, and food-away-from-home prices are predicted to increase between 7.0 and 8.0 percent.
Food prices are expected to grow more slowly in 2023 than in 2022, but still at above historical average rates. In 2023, all food prices are predicted to increase between 3.0 and 4.0 percent, food-at-home prices are predicted to increase between 2.5 and 3.5 percent, and food-away-from-home prices are predicted to increase between 4.0 and 5.0 percent.
Unfortunately, they only have the 2021 prices. Simply plug in the inflation rate for 2022, that will giver you a ballpark figure.
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