September 22, 2022
Americans are set to fork out an extra $11,500 this year if they want to enjoy the same standard of living they maintained in 2020, according to new estimates from NerdWallet.
The estimates, published in August, were based on inflation and annual spending data from the U.S. Bureau of Labor Statistics (BLS). Analysts at NerdWallet looked at how spending would compare this year to 2020 when the COVID-19 pandemic began.
Analysts said 2020 was the “last full year when inflation was relatively stable.” In that same year, the U.S. inflation rate was 1.23 percent.
As of August, inflation in the United States stands at 8.3 percent, according to data from BLS.
“In all of 2020, American households spent $61,300, on average,” according to analysts. “This number includes everything we spend our money on: housing, food, entertainment, clothing, transportation, and everything else.”