With inflation at a 40-year high, families are feeling the pinch of higher prices at the grocery store checkout, on their home heating bill, and when they pay rent.
But there’s another expense that’s been growing even faster in recent years: child care. The growth in child-care prices exceeded the annual rate of inflation in 2020 and 2019, according to a new report from Child Care Aware.
The average annual cost of daycare for infants hit just over $12,300 in 2020, an increase of $1,000 over the prior year. (The report used three different methods to calculate average prices ranging from $12,304 to $12,375.)