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