Americans need over $11,000 more this year to keep the same standard of living they enjoyed at the beginning of 2021.
Thanks to soaring inflation, the typical American household must spend $11,434 more in 2023 to achieve that quality of life, according to an analysis of government data, CBS News reported.
The inflation rate has slowed slightly since 2021, when it spiked to the highest levels in four decades, but many American families say they are struggling more financially now than they did before the pandemic, CBS News polling from September showed.
Less than half of Americans, 47%, say they cannot live comfortably and have little money left over after meeting their expenses, down from 56% who said so in 2019, according to the polling. Meanwhile, more than half, 53% of Americans, say they either have just enough or cannot meet their expenses, up from 44% in 2019.
Food, transportation, housing, and energy are the top categories requiring more spending and make up nearly 80 cents of every $1 in extra spending, according to an analysis from Republicans on the Senate Joint Economic Committee.
Meanwhile, the income needed to cover basics like these was short by an average of nearly $14,000 last year, according to an analysis by the Ludwig Institute for Shared Economic Prosperity. About 6 in 10 Americans were failing to meet their basic needs in 2022, the analysis noted.
Wages have grown, but they have not kept up with inflation.
The average hourly wage has increased 13.6% since January 2021, but inflation has outpaced that growth with a 17% spike, government data shows.
Some states are struggling with inflation more than others.
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Colorado families face the highest expenses hike this year to maintain their 2021 standard of living, needing an extra $15,000 per year, according to the Republican congressional analysis. Colorado saw a particularly high housing increase of $267 per month since the beginning of 2021.
Arkansas, meanwhile, had the lowest expenses increase with an $8,500 hike.
Prices for holiday celebrations have spiked in the last several years as well.
A Thanksgiving meal for ten people cost an average of 14.7% more this year than the $53.31 the meal cost in 2021, and a whopping 25% higher than the $48.91 in 2019.
This year, Halloween candy prices saw double-digit inflation for the second year in a row, spiking 13% since October last year.
Also, last month, a report from the Alliance for Consumers estimated that the Biden administration’s rules and regulations may have forced a $9,000 price tag on American homeowners due to price hikes related to cars, washing machines, gas stoves, and dishwashers.
About 75% of people described the economy as poor, according to a poll last month from the Associated Press-NORC Center for Public Affairs Research.