New York CNN —US inflation has had a snowballing effect on family budgets. The typical American household spent $709 more in July than they did two years ago to buy the same goods and services, according to Moody’s Analytics. That figure underscores the cumulative impact high inflation has had on consumer finances — even as price growth has cooled considerably in recent months. Most of that increase in spending is driven by housing costs, which have surged, Zandi told CNN in an email on Friday. Inflation-adjusted earnings are stuck in 2019Even though prices have soared, real earnings, which adjust for inflation, are stuck at late 2019 levels.