Inflation is costing the average U.S. household an additional $296 per month.
Moody’s Analytics analysis based this figure on the latest reading on consumer prices.
Consumer prices rose 7.9% in February, compared with a year ago, according to the U.S. Department of Labor.
“It is going to get worse before it gets better,” said Moody’s Analytics senior economist Ryan Sweet, who conducted the analysis.
Household budgets impacted by inflation
The inflation rate has been steadily increasing for months, and shows no signs of slowing down any time soon.
That means Americans will have to continue tightening their budgets in order to make ends meet.
One way to deal with inflation is to create a budget and stick to it. This will help you to stay on track with your spending, and ensure that you are not overspending in one area while neglecting another.
There isn’t much relief in sight for American families
Families should also take a close look at spending and see where they can cut back.
Then, try to boost your household income by working overtime or taking on a side hustle.
Finally, invest in inflation-proof assets such as inflation-protected bonds or real estate.
By taking these steps, you can help offset the impact of inflation and keep your budget on track.
RELATED: When should you file your taxes for free and possibly save $100s?
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].