The article lists seven way that inflation will hit the average American's wallet. The products that will be hit by inflation include such things as beef, gas, airline tickets and stamps. Many of these products are necessities for the average American consumer.
By Kyle Woodley, InvestorPlace Assistant Editor
Posted 2:05PM 01/31/12
While many pundits have toasted "easing" inflation in the U.S., American consumers must be left scratching their heads. Sure, U.S. inflation grew at "only" a 3% annual rate in December, down from 3.4% in November, but 3% inflation still doesn't mean our wallets got any heavier.
The truth is, while we did actually get a break at the pump (if $3.25 gas still can be considered a break), that only helped offset increasing prices for food and other goods. The core U.S. inflation rate was unchanged from November at an annual rate of 2.2% -- the highest margin since October 2008.
With the economy still trying to muster a recovery, and unemployment still around 8.5%, any price increases are painful. And just a month into 2012, a spate of headlines points to more hurt ahead. Here are seven ways inflation will be digging into your wallet this year...
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