ECONOMICS (CBSE/UGC NET)

ECONOMICS

INFLATION

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

In June, the average U.S. household needed to spend how much more a month than it did last year to pay for the same goods and services?

A	$25
B	$75
C	$100
D	$500

Explanation:

Detailed explanation-1: -How much does the average American spend per month? The average American household spends $5, 111 per month. That’s 82% of our income, after taxes.

Detailed explanation-2: -In 2021, average monthly expenses ranged from $3, 405 for one person to $7, 400 for a family of five or more. Hal M. Bundrick is a personal finance writer and a NerdWallet authority in money matters.

Detailed explanation-3: -US Inflation Rate is at 6.41%, compared to 6.45% last month and 7.48% last year. This is higher than the long term average of 3.28%.

Detailed explanation-4: -U.S. inflation rate for 2021 was 4.70%, a 3.46% increase from 2020. U.S. inflation rate for 2020 was 1.23%, a 0.58% decline from 2019. U.S. inflation rate for 2019 was 1.81%, a 0.63% decline from 2018. U.S. inflation rate for 2018 was 2.44%, a 0.31% increase from 2017.

There is 1 question to complete.