US inflation has had a snowballing effect on family budgets.

The typical American household spent $709 more in July than they did two years ago to buy the same goods and services, according to Moody’s Analytics.

That figure underscores the cumulative impact high inflation has had on consumer finances — even as price growth has cooled considerably in recent months.

“High inflation of the past 2+ years has done lots of economic damage,” Mark Zandi, chief economist at Moody’s Analytics, wrote in a post on X, the platform formerly known as Twitter.

[Someone tell Politico. please. They were so confused what everyone was whining about when inflation was “easing” in the headline I had up earlier. ~ Beege]