A lot of the pain is coming at the gas pump and supermarket checkout. Buying a house has become a lot more expensive too, with mortgage rates above 5%.
“Clearly, the fact that costs are rising so much — and for many folks, more than their wages — is having an impact,” Hoyt said.
Just how much more do gas, mortgages and food cost these days, compared to the hike in wages? CNN Business took a look.
The median hourly wage for full-time workers was $1.70 higher in April than it was a year earlier, according to the Federal Reserve Bank of Atlanta’s Wage Growth Tracker. For those with a 40-hour work week, that is an increase of $68 a week — the highest since the bank began keeping records in 1997.
A year-over-year increase of $1.81 translates into a nearly $1,551 jump in annual household spending on gas, according to Moody’s Analytics.
Mortgage rates have risen sharply since January, though the spike has eased a bit in recent weeks.
The rate hike means that a homebuyer who puts 20% down on a $375,500 home and finances the rest with a 30-year, fixed-rate mortgage will pay nearly $4,400 more a year and about $131,150 more in cumulative interest payments over the life of the loan, according to Freddie Mac.
Shopping at the supermarket has become a lot more expensive over the past year, with the price of eggs, ground beef, apples, carbonated beverages and other items rising by double-digit percentages, according to IRI, which tracks data from 66,000 stores nationwide.
Nearly all shoppers surveyed by IRI in May said they are concerned about food inflation, and about three-quarters said they are making at least one change to their shopping behavior. About half are looking for sales or deals more often, more than a third are cutting back on non-essentials and a quarter are switching to lower-cost options more often.
These shifts are helping to blunt the impact of inflation, said Jonna Parker, principal of IRI Fresh. The $304 increase in annual spending equates to a jump of 4.1% — less than the price hike of many of shoppers’ favorite items.
CNN Business’ Anna Bahney contributed to this report.