According to the Bureau of Labor Statistics' most recent data on inflation, prices increased 8.3% from one year ago.
According to a Pew Research Center report published in April, the middle class in America as of 2021 stayed constant at 50%.That is almost unchanged from 2011 data.
However, how do the percentages correspond to income and purchasing power?
According to Pew data, middle-class Americans' average annual income increased by 6% from $74,000 in 2010 to over $78,500 in 2016.
Currently, that amount is around $90,000, which may seem like a significant increase until you consider how much more today's dollar is worth than it did a decade ago.
According to this CPI inflation calculator, in order to have the same effective income as $74,000 in 2010, you would need to earn around $101,000 in 2022.