Inflation Costing Average American Households $717 a Month, GOP Committee Says

A person shops in a supermarket as inflation affected consumer prices in Manhattan, New York City, on June 10, 2022. Andrew Kelly/Reuters

Americans are paying $717 more on average per month because of the highest inflation in almost 41 years, according to an Aug. 12 report from the Joint Economic Committee Republicans.

Despite inflation slowing down slightly in July, the Consumer Price Index reported that prices climbed 8.5 percent from the previous year from 9.1 percent in June, according to the U.S. Bureau of Labor Statistics on Aug. 10. This was largely driven by the rising cost of goods, such as cars, housing, food, and healthcare.