Consumer prices are 23.7% higher than they were in February 2020, which means Americans must spend about $1,237 to buy the same goods and services that cost $1,000 when the pandemic-induced recession hit, according to a Bankrate analysis.
Some people have responded to the rise in expenses with an effort to curb their consumption. A new study from Intuit Credit Karma found that many Americans are turning to “low-buy” (44%) or “no-buy” (42%) lifestyles: restricting spending or committing to shop only for items that need to be replaced.