As the United States strives to regain a sense of normalcy after the pandemic, a growing financial concern is looming over the nation. According to Bloomberg, the cost of living has surged in various aspects, with groceries marking a 25% increase, used cars seeing a staggering 35% climb, and rents escalating by approximately 20%. While daily routines may have returned to a semblance of pre-pandemic normalcy, the financial burden on Americans is far from abating.
A recent CNBC report reveals that a staggering 74% of Americans are currently experiencing stress due to their financial situations. The reasons behind this financial strain are multifaceted, encompassing a range of economic factors that are pushing the cost of living to unprecedented heights.
In a concerning development, the cost of a staple food item, rice, has surged to a fresh 15-year high. Thai white rice, a benchmark for Asia, has experienced a relentless climb, reaching $659 per ton – the highest since October 2008. This marks a substantial 38% increase in prices over the course of this year alone.
The driving factors behind this surge in rice prices include India’s decision to restrict rice exports and the looming threat of production disruptions due to dry weather conditions. These challenges in the rice market contribute to the broader narrative of escalating living costs that are hitting the average American hard.
For many households, the strain on their budget is becoming increasingly evident. With prices soaring across essential commodities, from groceries to transportation, the average American is finding it difficult to maintain financial stability. This growing economic pressure raises concerns about the long-term consequences on the overall well-being of the population.
As inflationary pressures continue to grip the nation, it becomes crucial for policymakers and economic experts to address the root causes of these surges in living costs. Without effective interventions, the financial stress faced by Americans may continue to intensify, posing a significant challenge to the nation’s economic recovery and the well-being of its citizens.
Biden doesn't want the media to report this.
Groceries are up 25%, used cars climbed 35% and rents roughly 20%. While Americans' daily routines have largely returned to their pre-pandemic normal, the cost of living has not. pic.twitter.com/Xmb4UOKWYg
— floridanow1 (@floridanow1) December 26, 2023
twitter.com/1200616796295847936/status/1739689277397905796
Prices of a Vital Food, Rice, Just Surged to a Fresh 15-Year High
Thai white rice 5% broken — an Asian benchmark — climbed for a third straight week to reach $659 a ton on Wednesday, according to the Thai Rice Exporters Association. That’s the highest since October 2008 and… pic.twitter.com/ERkCnY5GSG
— Tracy (𝒞𝒽𝒾 ) (@chigrl) December 27, 2023
MasterCard SpendingPulse showing below expectations holiday sales.
+3.1% vs. est. of +3.7%
Restaurants still carrying the strength here on top of last year’s strength. pic.twitter.com/fHFRyBATnn
— Neely (@NeelyTamminga) December 26, 2023