Families living in the United States are feeling the pinch of inflation. They are now spending $709 per month more than they were just two years ago.
“High inflation of the past 2+ years has done lots of economic damage,” Mark Zandi, chief economist at Moody’s Analytics, wrote in a post on X, the platform formerly known as Twitter.
To be sure, the high inflation of the past 2+ years has done lots of economic damage. Due to the high inflation, the typical household spent $202 more in a July than they did a year ago to buy the same goods and services. And they spent $709 more than they did 2 years ago.
— Mark Zandi (@Markzandi) August 10, 2023
Even though prices have soared, real earnings (wages), which adjust for inflation, are stuck at late 2019 levels. “Real earnings remain below what they would have been if not for the pandemic and the Russian war, which is weighing on the collective psyche,” Zandi told CNN in an email on Friday.
Most families are having to cut back as prices have surged. Most of that increase in spending is driven by housing costs, which have surged, Zandi told CNN in an email on Friday. He added that families are also spending more at the grocery store; on buying, maintaining, and insuring vehicles and on recreational services like cable.
Consumer prices increased by a cooler-than-expected 3.2% in July compared with the year before, according to a government report released Wednesday. Even though that was slightly higher than the annual inflation rate in June, most of the impact was driven by calendar effects.
“In sum, the report was encouraging,” Bank of America economists wrote in a note to clients on Thursday, adding they “wouldn’t be surprised to see another soft” inflation reading in August.
Although month-over-month inflation readings are “still likely to be bumpy,” Bank of America economists said they “believe that the current disinflation is not a ‘head fake.’” –CNN Business
Zandi calculates that the typical household spent $202 more this July than they did a year ago to buy the same goods and services. But that pales in comparison to the peak of $536 for this year-over-year metric, a record hit back in June 2022, when gas prices spiked above $5 a gallon for the first time in history.
Article cross-posted from SHTF Plan.
Why One Survival Food Company Shines Above the Rest
Let’s be real. “Prepper Food” or “Survival Food” is generally awful. The vast majority of companies that push their cans, bags, or buckets desperately hope that their customers never try them and stick them in the closet or pantry instead. Why? Because if the first time they try them is after the crap hits the fan, they’ll be too shaken to call and complain about the quality.
It’s true. Most long-term storage food is made with the cheapest possible ingredients with limited taste and even less nutritional value. This is why they tout calories so much. Sure, they provide calories but does anyone really want to go into the apocalypse with food their family can’t stand?
This is what prompted the Llewellyns to launch Heaven’s Harvest. They bought survival food from multiple companies and determined they couldn’t imagine being stuck in an extended emergency with such low-quality food. They quickly discovered that freeze drying food for long-term storage doesn’t have to mean sacrificing flavor, consistency, or nutrition.
Their ingredients are all-American. In fact, they’re locally sourced and all-natural! This allows their products to be the highest quality on the market, so good that their customers often break open a bag in a pinch to eat because they want to, not just because they have to due to an emergency.
At Heaven’s Harvest, their only focus is amazing food. They don’t sell bugout bags, solar chargers, or multitools. They have one mission – feeding Americans in times of crisis.
What they DO offer is the ability for people to thrive in times of greatest need. On top of long-term storage food, they offer seeds to help Americans for the truly long-term. They want them to grow their own food if possible which is why they offer only Heirloom, Non-GMO, Non-Hybrid, Open-Pollinated seeds so their customers can build permanent food security on their own property.
Visit the Heaven’s Harvest website and use promo code “Patriot” for a discount today!