The cost of raising a child to 17 years of age has surged to over $300,000 as a result of inflation, according to a new study.
Inflation in the U.S. has exploded following the coronavirus pandemic and the Russian invasion of Ukraine, hitting 9.1% in June before falling to 8.5% in July.
The Brookings Institution estimates it will cost a married, middle-income couple who have two children $310,605 to raise the younger child, born after 2015, until the age of 17.
This is an increase of more than nine percent from the figure two years ago, and averages out at $18,271 per year for the child.
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