Following the data released about the 6.2% rise in inflation in Oct., Americans are feeling its wrath.
This is the highest spike in one year in 31 years.
Some experts are blaming the first three stimulus checks for inflation, while others aren’t convinced that that’s the case.
A frozen turkey this year is not only hard to come across, but it’s 20% more expensive compared to last year.
The cost to feed ten people this year is an average of $53.31, compared to $46.90 in 2020.
People’s shopping habits are changing as well. Some are purchasing products ahead of time while others are only buying them when they go on sale.
Some families are fortunate enough to see one more child tax credit payment next month on Dec. 15. The payments are worth up to $300 per child.
Parents will also be able to claim the other half on their taxes next year worth up to $1,800.
Social Security recipients are also receiving a boost in their monthly checks next year thanks to the increase in COLA.
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