Savings Rates Drop as Cumulative Inflation Weighs on U.S. Consumers
Sectors & Industries
June 12, 2024
In the U.S., inflation is tempering but the cumulative impacts of inflation are draining savings rates, which now sit at 3.6%, down from a 32% high at the onset of the COVID-19 pandemic.
Since the end of 2019, as shown in the image above, car insurance is up +46%, gas costs 36% more, eating out costs +25% more, rent and mortgage prices are +23% higher, and used vehicles cost +29% more.
On the flip side, U.S. GDP has grown 3.5X more over than the average G7 country over the same period.
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