Parents better hold onto their wallets: The cost of raising a child has jumped 2.6% from last year in the U.S.

The U.S. Department of Agriculture reports the costs of raising a son or daughter born in 2012 increased by 2.6 % to $241,080 over the course of 17 years.

The price adjusted for inflation is $301,970, which includes food, shelter and other necessities associated with child-rearing, according to the USDA’s annual report, Expenditures on Children by Families also known as the Cost of Raising a Child.

Child care, education, health care and clothing expenses experienced the biggest price increases, according to the report, with smaller increases in costs surrounding housing, food and transportation. The annual child-rearing expenses per child for a middle-income, two-family home ranged from $12,600 to $14,700 last year.

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