Every time you visit the grocery store, stop at the gas station or pay a utility bill, each dollar you spend is only worth eighty-nine cents.
This eleven-cent disparity is a result of raging inflation that is still running rampant throughout the United States– making the state of the American economy a primary concern among citizens.
According to the U.S. Bureau of Labor Statistics’ latest July report, the inflation rate has risen to 8.5%– the highest it has been since the severe recession of the early 1980s.
Now, consumers are paying 15.2% more for electricity– the largest twelve-month increase since February of 2006.
Housing costs have also risen 5.7% over the last year; meanwhile, the cost of groceries has increased 13.1%.
And one of the most widely sought-after commodities, gasoline, has witnessed price gauges soaring 44% above last year’s gas station costs.
These steep increases have pushed employers to hike up workers’ pay at a quickening pace. But, even the salary bumps have not been enough for many Americans to weather this financial storm.
According to the U.S. Bureau of Labor Statistics Employment Cost Index, the wages and salaries of civilian workers rose 1.4% during the second quarter and 5.3% over the entire year– which ended in June.
And while this twelve-month salary surge is the highest jump workers have seen since 1983, the increases have fallen short.