How much more is inflation costing you?

Your Money

(NewsNation) — Rising fuel, housing and food costs have pushed U.S. inflation up 7.9% over the past year, it’s the sharpest spike since 1982, but how much is it costing you?

Annual data from the U.S. Bureau of Labor Statistics shows that inflation hit transportation, gas and electric the hardest.

Transportation

Transit costs are up 17% compared to 2020. This means your daily commute is costing you $1,826 more annually. Gas prices alone will cost you $836 more per year.

Energy

Powering your home will now come with a heftier price. Cost of electricity and heat for the average family has gone up $689 from last year.

Americans may soon see some relief as the Federal Reserve is expected to raise interest rates next week to slow down inflation. A rate hike next month would be the first since 2018.

When the Fed raises its short-term rate, borrowing costs also typically rise for a range of consumer and business loans, including for homes, auto and credit cards.

© 1998 - 2022 Nexstar Media Inc. | All Rights Reserved.

Trending on NewsNation

Elections 2022

More Elections 2022