Milwaukee South News

The latest inflation increase for the month of March 2022 has been identified as 8.5%, the biggest year-over-year increase in 40 years. 

National year-over-year wage increases are now at a decline of -2.7%. With cuts in median household incomes throughout the United States, Americans are struggling to pay for important items for their families.

"Imagine being a young family right now, rent for a two-bedroom home went up 22% in the last year," Kansas Sen. Roger Marshall tweeted. "Imagine being retired, with 8.5% inflation, your purchasing power has been significantly diminished."

The price increases apply to all items in report. This is the biggest hike in inflation since the year 1981. According to the Bureau of Labor Statistics, real average hourly earnings went down by 0.8% from the months of February to March of this year. The previous -2.7% decrease for the year was seasonally adjusted. 

The median household income in the state of Wisconsin has seen a -$1,709 year-over-year loss, lowering the present average household income to $61,747 a year in the state. Wisconsin ranks 23rd overall in the nation in median household income, putting it near the middle of the pack among other U.S. states. According to the Bureau of Labor Statistics, surges in the gasoline, shelter and food indexes were the biggest contributors to the sharp seasonally adjusted all items increase. 

In March, the gasoline index increased by 18.3% and accounted for an outright majority of the all items monthly increase that was reported. Used cars were one rare area where prices fell, with that area seeing a 3.8% decline. Nonetheless, other areas saw sharp increases in prices as well including auto insurance, airline fares, furniture and medical insurance.