Life’s basic necessities — food, shelter, and clothing — are getting more expensive. Many experience sticker shock when it comes to food prices.
A weekly trip to the supermarket can set you back about $270 for a family of two and about $331 for families with children. That’s more than $1,000 per month.
And high housing costs — whether you own or rent your home — is rubbing salt in the wound.
While inflation accounts for the gradual increase in prices for goods and services, cost of living is more like a snapshot of the current prices. And it’s usually calculated by averaging the costs of goods and services that are needed to meet the standard of living in a specific area.
