Soaring inflation is putting increasing pressure on American parents as the costs of raising a child continue to skyrocket, according to the Brookings Institution.
According to the ‘left-wing institutions’ analysis, published by The Wall Street Journal, it costs over $310,605 to raise a child in the current economic climate, averaging $18,271 per year to raise a child born after 2015.
The Journal writes:
The multiyear total is up $26,011, or more than 9%, from a calculation based on the inflation rate two years ago, before rapid price increases hit the economy, the Brookings Institution said.
The analysis notes that soaring food prices are also contributing to the cost of raising a child.
The Bureau of Labor Statistics Producer Price Index recently revealed consumer food prices are by 13.1 percent from last month and a massive 15.8 percent since 2021.