Surging inflation will cost millions of Americans more than $3,000 in additional expenses this year, according to a Penn Wharton University of Pennsylvania Budget Model (PWBM) analysis published on Dec. 15.
PWBM, a nonpartisan research-based initiative, estimates that the historic levels of inflation will require the average U.S. household to spend around $3,500 more in 2021 to achieve the same level of consumption of goods and services as in 2019 or 2020.
