US consumers remain unimpressed with this progress, however, because they remember what they were paying for things pre-pandemic. Used car prices are 34% higher, food prices are 26% higher and rent prices are 22% higher than in January 2020, according to our calculations using PCE data.
While these are some of the more extreme examples of recent price increases, the average basket of goods and services that most Americans buy in any given month is 17% more expensive than four years ago.
Yes but the data is skewed. The 20.6% is true. But if you don’t buy those items that’s not the amount. Many items are double what they were. Lots over 50% increase.
Vehicles, insurance rates, computer components, huge increases. Eggs, milk, and bread 20%. Not everyone is buying only staples.