2022-11-25 14:31:30

Inflation boosts U.S. household spending by $433 a month, on average, Moodys finds

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CNBC
By Greg Iacurci

Key Points

  • Inflation raised spending by $433 a month for the average household, according to a Moody's analysis of the October 2022 consumer price index.
  • The index increased 7.7% in October from a year ago, down from its recent peak but still near the highest levels since the early 1980s.

People shop at a grocery store on June 10, 2022 in New York City.

Spencer Platt | Getty Images

The average American household is spending $433 more a month to buy the same goods and services it did a year ago, according to a Moody's Analytics analysis of October inflation data.

While down slightly from than the $445 monthly figure in September, stubbornly high inflation is stretching the typical budget.

Despite weaker-than-expected inflation in October, households are still feeling the squeeze from rising consumer prices, said Bernard Yaros, an economist at Moody's.

Consumer prices jumped by 7.7% in October from a year ago, according to the U.S. Bureau of Labor Statistics. That rate is down from 9.1% in June, which marked the recent peak, and data suggests inflation may cool further in coming months. However, October's rate is still near the highest levels since the early 1980s.

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