Inflation

Inflation is sneaky. Looking at any one item is doesn't seem like much but in the big picture it can be a burden. Xcel energy expects home heating cost to increase about $25 per month Average family spends $6,600 on food and the prices are expected to increase by 15% or $82 /month Average person drives 1,200 miles per month and getting 30 mpg means an extra $40 per month. The Fed will raise rates four times this year meaning that loan rates will go up by one percent. On a $200,000 mortgage that will be an extra $100 per month. These items together come to $247 per month. For low income people this is significant. This will be a new experience for anyone under age 50.