Eggs, milk, bread, and coffee prices are rising, as are monthly bills like heat, electricity, car insurance, and child care.
The average American paying for a new auto loan pays 6 to Edmunds estimates that the average American financing a new automobile will pay $736 to $1,000 per month. (Source: New York Post)
Commodities and Other Related Goods Price Increase
According to the US Energy Information Administration, householders’ and renters’ housing and automobile costs remain rising due to elevated loan rates. Electricity rates increased by 25% in January 2020, coinciding with the inauguration of Bidenomics by President Joe Biden. From January to October 2023, California’s electricity rates will increase by 59%, according to the EIA, making it one of the states with the most rapid growth. In three years, the cost of electricity in Maine increased by 42%, while that of New York rose by 38%, placing it among the worst states. The majority of Americans consider the “American Dream” to be illusory. Since January 2020, natural gas prices for winter heating have increased by 29%, according to EIA data cited by Bloomberg. Monthly expenditures have increased by 25% and 29%, respectively, in gas and electricity since January 2020.
Despite the current Consumer Price Index, the energy index fell 2.5% in October as gasoline plunged 5%, which Biden touted as excellent news for Bidenomics, which last month blew a $2 trillion hole in the federal budget. Monthly vehicle insurance payments in America are 33% higher than in 2020. Bloomberg says the rise is faster than the 21% growth in monthly auto insurance payments from 2016 to 2019. Edmunds says new car payments are at a record $736 per month. Edmunds said 17.5% of Americans had $1,000+ auto payments, another depressing statistic.
According to an annual KFF survey of more than 2,000 American employers, the average employer-sponsored health insurance premium for US families rose 7% to roughly $24,000 this year. Individual employer premiums grew similarly. Bloomberg, citing Child Care Aware of America, reported that the average annual cost of child care was $10,853 in 2022, or 10% of the median income of the average married couple. Prices vary by region. CCAoA showed that Northeastern states charge the most for child care, $30,514 for two children. According to CCAoA’s annual survey, housing costs average $25,557 and child care professionals make $28,520. According to the CCAoA, the average yearly cost of child care for two children surpasses mortgage payments by 1% to 53% and rent payments by 100% in 41 states and DC.
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