Four Years of Rising Prices: How Inflation Has Stretched American Budgets

Since 2020, Americans have watched the cost of everyday goods rise significantly, leaving many to question whether they are truly better off than they were four years ago. During the recent presidential debate, moderator David Muir posed this exact question to Harris. Instead of directly addressing the query, Harris spoke about her economic plans, but the reality is clear: the cost of living has jumped sharply.

Food prices alone have surged 22.8%, with the price of meat following closely at 22.6%. Perhaps the most dramatic increase has been the cost of eggs, skyrocketing over 60% due to factors such as an avian flu outbreak and rising costs. Even everyday goods, which saw a relatively modest rise, are now 13.8% more expensive.

The overall impact of price hikes lingers. Between the pandemic’s economic ripple effects and the inflationary spike that followed, Americans are still grappling with a cost-of-living increase just shy of 21%. As households face higher grocery bills, their purchasing power has steadily eroded, with wages unable to keep pace with these shifts.

For example, dairy prices have climbed 16%, impacting both middle- and low-income families, while essentials like bread, cooking oils, and staples across the board have all contributed to the financial strain. Many households are adjusting their lifestyles, opting for fewer luxury items, cutting back on dining out, and rethinking their budgets.

Though inflation has slowed, it has already left a deep mark on household finances. The critical question remains: as these trends continue to reshape the economy, will the average American family be able to recover or thrive in the new economic landscape? As the 2024 election approaches, this question will likely be front and center for millions of voters.