Two years of high inflation has many Americans shopping in places they wouldn’t normally, scouring for coupons and discounts and learning to do without.
The hit to the average budget is huge: The typical household spent $202 more in July than they did a year ago to buy the same goods and services, tweeted Moody’s Analytics chief economist Mark Zandi. “And they spent $709 more (in July) than they did two years ago.”
People, especially those with annual earnings less than $100,000, are trying multiple strategies to stretch their dollars, according to the Dallas Fed – from delaying major purchases and medical treatment to decreasing the use of utilities and tapping charities.
Two years of high inflation have ravaged most American households. Here's what resilient Americans have to do to get by, https://t.co/15QLDLp0Rd
— USA TODAY (@USATODAY) September 6, 2023