Americans are facing the highest rates of inflation in decades, making it harder for them to afford everyday goods and more expensive to support their families. Each month that coincides with the release of the Consumer Price Index by the Bureau of Labor Statistics, the JEC Republicans State Inflation Tracker estimates how much inflation is driving up costs for American families in each state, and how inflation drivers continue to vary across the country. Specifically, we ask: how much more does the average household have to pay today to maintain the same standard of living it achieved in January 2021, when inflation was last within historical norms? For a full description of our methods and a downloadable data file with a detailed breakdown of the cost of inflation by state, see our methodology.
Our full analysis for November 2022 can be found here. Check out the highlights below:
Prices increased by 13.8 percent from January 2021 October 2022 and cost the average American household $747 in the last month alone.
Even if prices stop rising altogether, the inflation that has already set in will cost the average American household $8,963 over the next 12 months.
Families in Mountain West (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming) face the highest rates of inflation, with prices 16.5 percent higher today than they were in January 2021.
Due to a combination of higher inflation rates and higher average household spending, inflation is the largest monthly cost to families in the states of Colorado ($1,005), Utah ($976), and Arizona ($894). Annualized, these families face an inflationary cost of $12,065, $11,708, and $10,724, respectively, next year.
To the In an average American household, the cost of inflation fell from $753 in October to $747 in November, a $6 decrease in the monthly cost of inflation. The monthly cost of inflation rose the most in the states of Massachusetts ($29), Connecticut and New Hampshire ($27). The cost of inflation fell the most in the states of Alaska ($34), California ($34) and Hawaii ($33). In the rest of the states, changes in the cost of inflation ranged from a $29 decrease to a $23 increase. In the United States as a whole, the monthly cost of inflation in November 2022 was highest in transportation ($256), followed by energy ($135), housing ($118), and food ($112).
Household inflation costs by state, November 2022
Source: JEC calculations using: Bureau of Economic Analysis, Personal Consumption Expenditure; Bureau of Labor Statistics, Consumer Expenditure Survey; Statistics Office; American Community Survey.
Notes: Inflation rates reflect how much prices have increased since January 2021, and cost of inflation reflects how much more the average US household has to pay in the current month for the same goods and services that they bought in January 2021. For a detailed explanation, see our methodology for these calculations; Jackie Benson, Kevin Corinth, and Kole Nichols. “State Inflation Tracker: Methodology”. Republican on the US Joint Economic Committee. April 12, 2022.