If inflation has eaten away at your budget the way waves erode a beach, then your tax refund might just provide a much-needed protective barrier.
As of March, prices are up 6 percent over the past 12 months, according to the most recent consumer price index. At the same time, just over half of filers (55 percent) are expecting tax refunds for the 2022 tax year, with an average expected refund of $2,205, according to the 2023 Nerdwallet Tax Report. Financial experts say consumers can use that windfall—which is really just a delayed paycheck that you already earned—to help offset the strain of those higher prices.
