White-hot inflation has forced the average American household to cough up an extra $460 per month, as surging prices for food and fuel put family budgets across the nation under strain.Moody’s Analytics senior economist Ryan Sweet calculated the figure based on data released Friday by the Bureau of Labor Statistics that showed the Consumer Price Index had jumped 8.6% in the 12-month period ending May 31 – the largest increase since December 1981.Sweet compared average US household spending in May to what would have been spent in 2018 and 2019, when annual inflation averaged 2.1%.
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