The overall pace of inflation has fallen considerably over the past year, but millions of families with young children are facing a new headwind: the rising cost of child care.
The average child care payment per household has steadily marched higher over the past three years, with middle- and upper-income families seeing the biggest increase, according to a new Bank of America analyst note based on internal customer data.
As of September, the average American family spent more than $700 per month on child care costs – a 32% spike from the typical level in 2019.