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Cost of raising a child in U.S. tops $245,000

An average middle-income family in the United States can expect to spend about $245,000 over 18 years to raise a child born in 2013, the U.S. government estimated reports Reuters.

The Department of Agriculture’s annual “Cost of Raising a Child” report showed child-rearing costs – which reflect food, housing, childcare, education and other expenses – were up about 1.8 percent from 2012.

When adjusted for anticipated inflation, child-rearing costs will be closer to $305,000 up to the age of 18, the USDA said.