Americans are estimated to spend an extra $11,500 this year for the same standard of living they enjoyed in 2020, according to new estimates from NerdWallet.

The U.S. Bureau of Labor Statistics published the estimates in August based on inflation and annual spending. NerdWallet analysts analyzed how spending would compare in 2022 to the year 2020 when the COVID-19 pandemic began.

2020 was the last full year when inflation was relatively stable at 1.23 percent.  As of August 2022, inflation in the United States is at 8.3%.

President Joe Biden insisted that inflation “hasn’t spiked” in recent months in an interview on CBS 60 Minutes.