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skynesher / iStock.comInflation is coming down — but it doesn’t feel like it. Grocery stores are just as expensive, restaurants continue to raise prices, and the cost of living exactly the same way seems to go up, and up, and up!Find Out: How Far a $100,000 Salary Goes in America’s 50 Largest CitiesTry This: 6 Unusual Ways To Make Extra Money (That Actually Work)A late 2023 survey by GOBankingRates dug into how inflation has been impacting Americans. Here’s a review of the survey results, along with the actual rate and impact of inflation on everyday expenses.Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.How Much Actual Inflation Is There?The current rate of inflation, as measured by the Consumer Price Index (CPI), is 3.1% over the last 12 months, as of February 2024. While this might seem pretty reasonable, it comes after several years of high inflation, compounding the effects of high prices.In June 2022, inflation rose to a ghastly 9.1% of a 12-month trailing period, and the effects were felt everywhere. Food and gas prices were up sharply, housing costs rose in the double-digits, and life quickly became much more expensive.So while a 3.1% inflation rate isn’t too bad, it is on top of several years of up to 9.1% inflation, and prices continue to rise — albeit more slowly than before.Explore More: Here’s What the US Minimum Wage Was the Year You Were BornWhat Categories Are the Most Expensive After Inflation?While average inflation rates are only 3.1% overall, there are several spending categories that have risen MUCH faster than average rates. Here are a few of them:Restaurants: The CPI data shows that “food away from home” costs are still rising rapidly, increasing 5.1% over the past 12 months. This is in addition to an 8.2% increase in 2022 alone.Tobacco and smoking products: This category has been running hot for a few years now, increasing at least 6% year-over-year since 2020. In 2023, the increase was 7.1%, much higher than average inflation.Housing: Shelter costs continue to rise at a blistering pace, with a 2023 inflation rate of 6%. This makes the housing crunch that much harder and affordability even worse.Transportation: Owing and operating a car or paying for other transportation is getting very expensive. In 2023 alone, costs rose by 9.5%, after rising a staggering 14.6% in 2022. This is making it very difficult to own an affordable vehicle.Story continuesHow Inflation Has Impact Average AmericansWith prices rising on consumer staples and everyday expenses, inflation has hurt most Americans. According to the GOBankingRates survey, here’s how Americans are responding to exceedingly high prices:Moved to a Different HomeAccording to the survey, nearly 14% of Americans …
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