Soaring inflation has driven up the cost of raising a child from birth to 17 years old by around $1,530 per year to a total of over $300,000, according to a Brookings Institution estimate provided to The Wall Street Journal.
The analysis shows that, when inflation was running at around the Fed’s 2 percent target, a married middle-income couple with two kids would spend a total of around $284,594 for the first 17 years of a child born in 2015, or around $16,741 per year.
But with inflation soaring to multi-decade highs, those figures have seen a sharp upward adjustment. According to the report, the same family now has to spend $18,271 per year, for a total of $310,605, or over $25,000 more in total compared to when inflation was running at target. Read more…
