Look at the chart, not the journalist's text. $706 is the *cumulative* cost increase, not the monthly cost increase.

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Thus makes a lot more sense. It's 7 months from February to September, just over half a year.

If the average household spends 35,000 per year, 700 over the course of half a year would be 4% annual inflation, which is in the right ball park.

If 700 is the increase *per month*, that's crazy double-digit hyperinflation. We've got inflation, but not like that.