The average American household is paying $296.45 per month in extra expenses due to inflation, according to a report.
Fox News reported senior economist at Moody’s Analytics, Ryan Sweet, arrived at the number following data revealed by the Department of Labor showing consumer prices increased 7.9% in February.
According to the outlet, Sweet compared the average spending of households in February to what they would have spent in 2018 and 2019 when inflation stood at around 2.1%
Sweet explained, “There is no doubt that the Federal Reserve will increase the target range for the fed funds rate later this month as higher energy prices are making the central bank’s problems even worse.”
He added, “The Fed will respond.”
Inflation costing average American household nearly $300 per month: reporthttps://t.co/mquswfS6xC
— FOX Business (@FoxBusiness) March 11, 2022
Fox News noted close to every category of goods and services grew more expensive from January to February. The price of gas increased 6.6%, grocery spiked 1.4% and the cost of fruits and vegetables jumped 2.3%, as the outlet reported.
Vice President Kamala Harris was asked about gas prices and inflation in the United States during her trip to Romania, as IJR reported.
She appeared confused by the question and immediately looked to Romanian President Klaus Iohannis.
After taking a long pause, Harris responded, “In terms of the discussions that the president Iohannis and I had, they ranged in subject including the issue of the Black Sea and I’ll let him explain in more detail as he would like.”
The vice president added, “We are, again, fully aware and apprised because we are in constant communications with the president, with his administration here about the concerns that they have about the entire region and frankly the vulnerability. All you have to do is look at the map.”
President Joe Biden said on Tuesday gas prices are “going to go up,” adding, “Can’t do much right now…Russia is responsible.”