As the holiday season approaches, the United States is bracing for what could be the most expensive Christmas ever. According to statistics from the U.S. Department of Labor, the Consumer Price Index (CPI) surged by 6.2 percent from a year ago in October. This marks the highest inflation rate since 1990 and the steepest rise in over three decades.
The sharp increase in prices has affected various goods and services across the nation, impacting everything from groceries to gas. High costs are touching all aspects of Americans' lives, making everyday expenses more burdensome.
CGTN vlogger Matteo took to the streets of California, visiting supermarkets, department stores, and gas stations to inspect local prices firsthand. His findings reflect widespread concerns that the upcoming Christmas could set a new record for holiday spending.
With inflation driving prices up, consumers are finding it challenging to stick to their holiday budgets. The rise in costs is not only affecting individual households but also influencing broader economic trends, as businesses adjust to the new financial landscape.
As families plan their holiday celebrations, the combination of high inflation and increased living costs may lead to more cautious spending and a shift in how Christmas is celebrated this year.
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Upcoming Christmas could be the most expensive in U.S. history
cgtn.com
