The cost Americans are paying to provide childcare for their kids has risen dramatically since 2019, outpacing inflation overall, which has also risen substantially, according to the Bank of America (BofA) Institute.
The average childcare payment has risen by 32% since 2019 to $700 a month as of September, affecting middle- and upper-income households the most, according to data compiled by the BofA Institute. In that same time period, general inflation, as measured by the Consumer Price Index, rose 20% following a highly inflationary period since President Joe Biden took office in 2021, according to Axios.
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