February 14, 2008
Going up: food and gas prices outpacing income
The costs of food and gas rose 9 percent this year, up to $531 during last month compared to $486 in January 2007, according to a nonprofit credit counseling agency.
The increase was reported by the 50,000 individuals who called into Consumer Credit Counseling Service of Greater Atlanta, an agency that serves all 50 states. According to a release, the agency's average caller is 38 years old with a gross annual income of about $40,000 and total debt of $25,733, and about half of all callers are homeowners.
The increase in gas spending was most dramatic, rising from an average of $182 in January 2007 to $215 this year, while grocery costs have increased 4 percent. "For many, increases in income to not begin to keep up with the rising cost of necessities," said Suzanne Boas, president of the agency.
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