Cost Of Living In The US Is Much Higher Than Pre-Pandemic Levels: Report

In an unwelcome trend for U.S. households, the impact of inflation continues to grow. Despite a deceleration in the rate of price increases, the cost of living remains much higher than pre-pandemic levels.

What Happened: A recent Bloomberg report reveals that what used to cost $100 now demands $119.27, indicating a significant inflationary impact. This has been felt across all aspects of household budgets, with groceries and electricity prices soaring by 25%, used car prices escalating by 35%, and rents climbing approximately 20% since 2020.

While the government’s reports suggest that the inflation rate is slowing, they offer little solace to the American people as they do not indicate a return to pre-2020 price levels.

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Housing affordability is at its worst, and borrowing costs for auto loans and credit cards have hit all-time highs. Even though many Americans have seen salary hikes since 2020, the inflationary trend has eaten up these extra earnings, leaving the average American no better off than before.

This frustration over high prices and borrowing costs might influence the outcome of the 2024 presidential election. A recent Bloomberg News/Morning Consult poll shows that the economy is the primary concern for four out of ten voters in swing states.

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