The typical U.S. household needed to pay $213 more a month in January to purchase the same goods and services it did one year ago because of inflation

The typical U.S. household needed to pay $213 more a month in January to purchase the same goods and services it did one year ago because of inflation.

As Pennsylvania faced the deepest inflationary impact last year compared to other states, a Philadelphia-based food supplier is cautioning that the battle against rising prices may not yet be won.

"We're constantly focused on ensuring we have enough product and the right product for our customers," said Mike Watson, TMK Produce’s buyer-sales lead, during an interview on "Varney & Co." Monday. "We can see that they're resistant to some of these higher prices as they continue."

"We might see a slight tightening in volume. Our customers are buying more frequently but in smaller quantities," he added.

TMK Produce has been grappling with increased input costs and consumers finding it difficult to afford higher prices due to inflation. According to ConsumerAffairs, Pennsylvania witnessed the highest grocery inflation rate among all states in 2023, with an 8.2% year-over-year increase.

While inflation appears to be moderating, the average American is still facing significantly higher costs for everyday essentials.

Moody's Analytics chief economist Mark Zandi calculated that the typical U.S. household needed to spend an additional $213 per month in January to purchase the same goods and services as a year ago due to ongoing inflation. This translates to Americans spending on average $605 more each month compared to two years ago, and $1,019 more compared to three years ago, before the inflation surge began.

Wholesale inflation exceeded economists' expectations in January, rising by 0.3%. Core prices, which exclude food and energy, surged by 0.5%, higher than the estimated 0.1% and the flat reading recorded the previous month.

President Joe Biden recently criticized grocery stores for "ripping people off" with high prices amid the ongoing inflationary pressures.

"Inflation is coming down. It’s now lower in America than any other major economy in the world," Biden stated during a speech at South Carolina’s First in the Nation Dinner. "The cost of eggs, milk, chicken, gas, and so many other essential items have come down."

"But for all we’ve done to bring prices down, there are still too many corporations in America ripping people off," he continued, referring to practices like price gouging, junk fees, greedflation, and shrinkflation.