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Here’s How Much Basic Costs of Living Have Jumped Amid Inflation Surge

Since the pandemic started, the U.S. has had an extreme inflation surge. The cost of everything has gone up tremendously. Costs have raised consistently since at least August 2021. That means we’ve been paying higher prices consistently for half a year. Here’s how inflation has raised the cost of rent, groceries, and more.

Rent, Utilities, and Home Goods Prices All Increase

Let’s start with the most important price hikes happening. The cost of renting an apartment have risen by 0.5% in January alone. That’s the fastest price increase in 20 years. When it comes to utilities, electricity prices are also up. Last month, electricity prices went up 4.2%. Not only is that a 10% increase from last year, but it’s the sharpest price rise in 15 years.

In addition to that, the price of household furniture and household supplies has also risen. There’s been a 1.6% increase in this category, which is the biggest one-month rise since 1967. Clothing prices were up last month, too, by 1.1%.

Food and Gas Prices Are Up, Too

The price of food has risen across the board. On average, there was a 1% increase in food prices for last month. The highest price rise can be found in cereal and baked goods, which increased by 1.8%. Next on the list is all dairy products, which increased by 1.1%. The cost of fruits and vegetables rose by 0.9%. The cost of meats, poultry, fish, and eggs rose by 0.3%. There was only one food group that didn’t have any price increases. The cost of non-alcoholic drinks has remained unchanged.

Gas prices went down a little bit in January, but are still high due to the inflation surge. Overall, the price of gas has increased 40% over the last year. Natural gas prices also went down last month. Over the last year, natural gas prices have risen by 23.9%.

Wages Can’t Keep Up With Inflation Surge

Inflation has hit a 40-year high of 7.5%, according to the U.S. Labor Department. Wages have been increasing to try to keep up with inflation, but to no avail. Many people are having trouble keeping up with the rising costs of basic needs. Wages have risen almost 6%. However, due to inflation, that rise is actually the same as a 2% pay cut.

Daily Mail reports that this inflation surge has hit middle-class households harder than other income groups. In general, middle-class families are experiencing overall prices that are up by 6.7%. People in the 35-44 age group have also had to deal with higher costs than other age groups. For American seniors aged 65 and up, inflation is up by 5.8%. This inflation surge has led to the highest COLA in almost 40 years.