Inflation was half a point higher for middle-income consumers than those at the highest and lowest end of the spectrum in December, Wells Fargo economists found. In comparison, spending by wealthy households went up 6%.Ī separate study by Wells Fargo showed the middle-class, in particular, is getting squeezed. households spent approximately 7% more in 2021 for the same products they bought in 2020 or in 2019, an analysis by the Penn Wharton Budget Model found.
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More from Invest in You: Want to give your finances a spring cleaning? First, get organized Here's what to know about managing your debt in retirement Want to find financial success? Here's how to get started Here is the average weekly grocery bill based on family size in 2022: 1 Person: 84.70 2 People: 156.30 Family of 3: 203.70 Family of 4: 268.80 Family of 5: 344.70 How Much Should I Spend on Food Each Month Here is the average cost of food per month based on family size in 2022: 1 Person: 367.10 2 People: 677.40 Family of 3: 883. While the pain is felt across the board, some are feeling it worse than others. "It is going to get worse before it gets better," said Moody's Analytics senior economist Ryan Sweet, who conducted the analysis. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit 25 May Budget 2023 Households will see a significant fall in their energy bills from July after a drop in the price cap, which limits how much suppliers can charge households for each unit of.
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