Wages did not keep up with inflation to start 2023 as Americans' purchasing power continues to decline.
Following a year of persistent high inflation, the consumer price index for January 2023 indicated that inflation eased only slightly to start the year.
The consumer price index weighs the costs of goods based on their importance. Items like food, shelter and energy tend to be weighed more. Inflation has also been particularly high for food items. Food costs have increased 10.1% in the 12-month period ending in January. In January alone, food costs rose by .7%.While essentials have gone up, commodities such as apparel, electronics and appliances have not seen quite the price jumps. These types of items have gone up by 1.4% in the last year.
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