Average Americans are having to spend thousands of dollars extra every year, just to maintain their standard of living.

U.S. government data shows that soaring inflation last year — to a 40-year-high — meant many households had to part with more cash to keep treading water.

Even as prices fall and the jobless rate reaches a two-decade low, people are still feeling the pinch.

CGTN’s Benji Hyer reports. 

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