(Image by Gerd Altmann from Pixabay)
(FOX BUSINESS) – American consumers are grappling with the worst inflation in four decades, and more economic pain could be coming.
A recent analyst note from Yardeni Research estimated that a recent spike in gas prices triggered by the Russian invasion of Ukraine could add up to $2,000 in annual costs to the typical household budget. That's on top of another $1,000 in additional costs for food.
The average price for a gallon of gas was at $4.23 nationwide Thursday, according to AAA, up from $2.87 one year ago but down slightly from last week's level. In California, prices are as high as $6 a gallon. Until this month, prices had not topped $4 a gallon nationally since 2008.
The post Rising gas prices could cost American households $2,000 more this year appeared first on WND.
