USDA: Cost of raising children hits new high

(CNN) - The cost of raising an American child has reached an all-time high, according to the newest report from the Department of Agriculture.

Middle-income parents raising a child born in 2011 can expect to spend nearly $235,000 over the next 17 years. That's 3 1/2 percent higher than in 2010.

Including projected inflation, the USDA said the real number could rise to over $295,000. Among other things, the lofty price tag includes housing, childcare, education and food - but it doesn't include post-high school education.

The USDA has issued this report each year since 1960 to help courts and state governments determine child support and foster care payments.

In 1960, the estimated cost to have a child was only $12,000 to $14,000 per child.

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