Stock market drops while inflation continues to raise prices on everything from groceries to housing
NEW YORK CITY (WABC) -- The stock market is low and prices for just about everything are at an all time high.
When markets open Monday Wall Street will have to try to rebound from a week of major losses.
The DOW fell 1,700 points and had its worst start to a year since 2016.
This most recent market plunge wiped out more than $7,300 from the average American's 401-K.
Meanwhile, inflation continues to hit Americans hard at the gas station and supermarket.
The recent expiration of the expanded child tax credit is making matters worse for families.
The price hikes we're seeing have effectively erased many of the wage increases workers have negotiated during the pandemic.
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Housing is no exception to the recent price hikes.
According to the National Association of Realtors it's because inventory is at an all-time low.
And renters aren't in much better shape than hopeful buyers.
A new report from Freddie Mac shows that rent increases dramatically outpaced income increases in 2021.
A that trend is expected to continue for the foreseeable future.
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