The amount of household staples Americans can buy for a $100 bill has been eroded by nearly one third over the past five years, according to data pointing to the pressure consumers are facing due to the compounding effects of high inflation.
The price hikes over the past handful of years are adding up, not just on consumer goods but on other necessities. From January 2021 to March 2024, overall inflation increased 18.9%. During the same period, all food costs rose 21% while shelter costs were up 20.5% and energy costs went up 36.9%. GET FOX BUSINESS ON THE GO BY CLICKING HERE Fresh data released Friday indicates consumers are feeling the pain, too.
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