Bloomberg economists Andrew Husby and Anna Wong have calculated that Americans will need to budget an additional $5200 this year due to inflation. This averages out to $433 each month to cover the costs of the same goods and services as purchased in 2021.
That's somewhat good news for many businesses, but not as positive for job seekers. The higher cost of living will compel many to re-enter the workforce and employers won't need to pay as much to hire them. Seekers may demand higher salaries than they had before, but even if salary rates increase by 10%, the rate of inflation will likely exceed this amount.