From rent and groceries to utilities, families are paying a lot more every month as they try to keep up with inflation.
And while inflation has cooled in recent months, the typical household spent $371 more on good and services in December than a year ago, according to Moody’s Analytics.
The good news is that the cost-of-living shock appears to be easing and paychecks are starting to catch up.
At the inflation peak last June, the typical family spent an additional $502 per month compared with the year before, according to Moody’s.
So where is sticker shock hurting the most?
Families are spending an estimated $82.60 more per month on shelter and $72.01 more on food, Moody’s said.
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