NASHVILLE, Tenn. (WTVF) — Inflation is cooling down and most workers received raises over the past year, but most Americans are not feeling the difference.
According to a Bankrate survey, about 60 percent of working Americans said their income, even if it increased, has lagged behind inflation over the past year. That is up from 55 percent last year.
People are reporting their increase in earnings are less than the on-average 3 percent inflation hike from this year.
Since 2021, the price of every day items has risen almost 17 percent while wage growth has been almost 13 percent.
Luckily, inflation has calmed down compared to last summer when it reached its highest point in 40 years at 9.1 percent.
However, experts said with inflation rates still painfully high, even with a pay raise it ends up feeling like a pay cut.
"It doesn't really matter if your wage increase is greater than the current annual rate of inflation. If you've seen prices go up across the board for three plus years now," said Sarah Foester, a Bankrate Analyst.
Experts do predict inflation will fall even further in 2024, down to 2.4 percent, so there is hope going into next year.
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- Lelan Statom
