Inflation Bites: How Much More You're Paying for Everyday Items

Groceries:

Just about every item in the supermarket has gotten more expensive over the last year, thanks to inflation. According to the U.S. Department of Labor, the price of food at home increased by 7.9% from August 2021 to August 2022. That means you're paying more for everything from milk to eggs to produce.

Here are a few specific examples:

• Milk: up 15.6%
• Eggs: up 39.8%
• Potatoes: up 11.4%

If you're looking to save money on groceries, consider buying store-brand items, using coupons, and planning your meals ahead of time to avoid impulse purchases.

Gas:

The price of gas has also been on a steady upward trend in recent months. The national average for a gallon of regular unleaded gas was $4.80 in August 2022, up from $3.19 per gallon in August 2021. That's a difference of $1.61 per gallon, or about $20 extra for a 12-gallon tank of gas.

If you're looking to save money on gas, consider carpooling, using public transportation, or walking or biking instead of driving whenever possible.

Housing:

The cost of housing has also been rising rapidly in recent years. The median home price in the United States was $433,300 in August 2022, up from $355,300 in August 2021. That's a difference of $78,000, or about $6,500 more per year in mortgage payments.

If you're looking to save money on housing, consider renting instead of buying, or downsizing to a smaller home.

Utilities:

The cost of utilities has also been rising in recent months. The average monthly electric bill was $117 in August 2022, up from $104 in August 2021. The average monthly gas bill was $102 in August 2022, up from $90 in August 2021.

If you're looking to save money on utilities, consider unplugging electronics when you're not using them, turning down the thermostat in the winter, and using energy-efficient appliances.

Healthcare:

The cost of healthcare has also been rising in recent years. The average annual health insurance premium for a family of four was $22,221 in 2022, up from $20,576 in 2021. That's a difference of $1,645, or about $137 per month.

If you're looking to save money on healthcare, consider getting a high-deductible health plan, using a health savings account, and shopping around for the best prices on prescription drugs.

Education:

The cost of education has also been rising in recent years. The average annual tuition and fees at a four-year public college were $27,330 in 2022-23, up from $25,290 in 2021-22. That's a difference of $2,040, or about $170 per month.

If you're looking to save money on education, consider attending a community college or a less-expensive four-year college, or applying for financial aid.

Transportation:

The cost of transportation has also been rising in recent months. The average monthly cost of public transportation was $135 in August 2022, up from $120 in August 2021. The average monthly cost of a car payment was $667 in August 2022, up from $608 in August 2021.

If you're looking to save money on transportation, consider using public transportation, carpooling, or walking or biking instead of driving whenever possible.