American consumers are feeling the pain and are increasingly spending more of their income on many basic groceries, as prices “are exceeding these inflationary measures“ said the report. “The effects of high and sustained inflation are much more pernicious than unemployment in the sense that high prices affect more people,” noted Mark Hamrick, Bankrate’s Senior Economic Analyst. “The cost of basics is increasingly out of reach for many.” Inflation is costing the average American $460 more per month, according to Ryan Sweet, Senior Director of Economic Research at Moody’s Analytics.
