Inflation in the United States has consistently surpassed the Federal Reserve's target rate of 2% for over four years, leading to an increase in average household expenses from approximately $62,188 to over $75,000 annually. This historic inflationary period, primarily driven by COVID-19-related supply chain issues and fluctuating demand, has increased the cost of living by over 20% in the last five years. Notably, despite widespread impacts across the nation, there remains significant variation in living costs depending on local markets, providing some regions as more budget-friendly options for consumers.
Average household expenditures have skyrocketed from about $62,188 to $75,000 over the last four years, reflecting significant impacts of inflation on American families.
Consumer prices have risen considerably due to pandemic-induced supply chain constraints and surging demand, particularly evident in the housing market.
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