The cost of raising a child through high school has risen to more than $300,000 because of inflation that is running close to a four-decade high, according to a Brookings Institution estimate, the Wall Street Journal reported. It determined that a married, middle-income couple with two children would spend $310,605 — or an average of $18,271 a year — to raise their younger child born in 2015 through age 17. The calculation uses an earlier government estimate as a baseline, with adjustments for inflation trends. The multiyear total is up $26,011, or more than 9%, from a calculation based on the inflation rate two years ago, before rapid price increases hit the economy, the Brookings Institution said. Brookings calculated the cost of raising a family based on a 2017 estimate from the Agriculture Department. The estimate covers a range of expenses, including housing, food, clothing, healthcare and child care, and accounts for childhood milestones and activities — diapers, haircuts, sports equipment and dance lessons, among other costs. The annual inflation rate eased to 8.5% in July, down from 9.1% the prior month. Gasoline and other energy prices fell from the prior month, but food prices continued to climb. Prices for food at home were up 13.1% in July compared with the year before, the Labor Department said, adding pressure to household budgets.
