(NewsNation) — The cost of raising a child through the age of 17 has risen higher than $300,000 due to soaring inflation, according to a new analysis.
Inflation in the U.S. has skyrocketed, hitting 9.1% in June before falling to 8.5% in July.
The Brookings Institution ran the numbers for The Wall Street Journal and found that the average amount a married, middle-income couple with two children would spend to raise a child born in 2015 through high school is now estimated to be $310,605.
The Brookings Institution came up with the estimate based on data from the U.S. Department of Agriculture’s last “Expenditures on Children by Families Report” in 2017 and updated it to account for the higher inflation rates the U.S. is seeing now.
The price tag includes a range of child expenses, including food, health care, clothing, child care and activities.