from Zero Hedge
Authored by Katabella Roberts via The Epoch Times (emphasis ours),
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 Wednesday.
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.
Moreover, PWBM estimates that lower-income households spend more of their budget on goods and services that have been more impacted by inflation, and will have to spend roughly 7 percent more on such goods and services, while higher-income households will have to spend about 6 percent more.