Price inflation was the story of 2021 and 2022. Price inflation is apparent in the Personal Income figures below (see table). The below table includes raw data from the Bureau of Economic Analysis combined with TEK2day analysis. Goods and Services price increases and Interest Expense increases significantly outpaced Personal Income growth. (See the links below the table to access the Excel file and a larger version of the table.)

• Goods prices moved significantly higher. Consumer expenditures for Goods increased 29% from year-end 2020 through November 2022 and increased 9% from year-end 2021 through November 2022.

• Services prices moved significantly higher. Consumer expenditures for Services increased 25% from year-end 2020 through November 2022 and increased 14% from year-end 2021 through November 2022.

• Personal Interest Expense moved significantly higher. Personal Interest Expense increased 37% from year-end 2020 through November 2022 and increased 42% from year-end 2021 through November 2022. Personal Interest Expense increased 27% from April 2022 – November 2022.

• Personal Savings are down significantly. Personal Savings declined 85% from year-end 2020 through November 2022 and declined 79% from year-end 2021 through November 2022. Personal Savings declined 29% from April 2022 – November 2022.

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