The past four decades of inflation hovering at just 1.5% are over. In 2022, Americans need to brace for steep inflation and be prepared to shell out an additional $5,200 for food, energy and housing. That's an extra $433 a month.

So warn Bloomberg economists Andrew Husby and Anna Wong in a paper they published Tuesday, Business Insider reports.

"Accelerated depletion of savings will increase the urgency for those staying on the sidelines to join the labor force, and the resulting increase in labor supply will likely dampen wage growth," they wrote of the red-hot inflation the nation is now facing and the tightening labor market.

All is not lost, however. The economists say that most Americans still have some savings accumulated during the pandemic lockdown. They estimate that Americans built up $2.5 trillion in extra savings, and that just 27% of that money will go towards paying for more expensive daily items. They add that lower wage earners stockpiled most of that cash.

Wages are also on the rise, so some workers may get raises, the Bloomberg economists add.

Gas at $5 a Gallon

Food and energy will comprise about $2,200 of the average $5,200 in additional costs that consumers will be hit with.

"Bloomberg estimates, in a downside scenario, prices for crude oil could climb as high as $160 per barrel," Business Insider writes. "Separate estimates suggest that would lift the U.S. average gas price above $5 per gallon. The nationwide average stood at $4.24 as of Tuesday, according to AAA, a level that's already near record highs."

The PCE (Personal Consuming Expenditures) price index that is being released at 8:30 a.m. Thursday, March 31, 2022, by the Bureau of Economic Analysis, will indicate whether the "inflation tax," as the Bloomberg economists put it, is still on the rise.

As Business Insider puts it: "Recent world events could drive the projected price tag even higher. Russia's invasion of Ukraine has already lifted food and energy prices and thrown new headwinds at global supply chains. If the conflict lingers, it could further stoke inflation."