As Americans suffer the severe economic consequences of soaring inflation, the average U. S. household will have to shell out about $3,500 more in 2021 in order to match their consumption levels from prior years, according to an analysis by the Penn Wharton Budget Model.
“We estimate that inflation in 2021 will require the average U. S. household to spend around $3,500 more in 2021 to achieve the same level of consumption of goods and services as in recent previous years (2019 or 2020),” the analysis notes.
Such a massive financial burden demonstrates the dramatic ramifications of rising inflation.
“Moreover, we estimate that lower-income households spend more of their budget on goods and services that have been more impacted by inflation. Lower-income househo… (Read more)
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