Lee: Inflation Is Now Costing Americans $635 Each Month
Lee: Inflation Is Now Costing Americans $635 Each Month
WASHINGTON—Following today's news that inflation reached another four-decade high, the Joint Economic Committee's State Inflation Tracker reports that inflation is now costing American households $635 each month.
The Tracker, which quantifies the monthly inflation costs that American households face in each state, shows the highest costs are being paid by families in the States of Colorado, Utah, and Minnesota.
Households in Colorado faced increased costs of $825 in May to afford the same items they purchased in January 2021. In Utah, those costs rose to $800 in May. In Minnesota, those costs rose to $747 for the month.
The inflation that has already occurred will cost Colorado households $9,895 over the next year, and Utah households $9,603 over the next year. For the average American household, inflation will cost an extra $7,620 in the coming year.
Ranking Member Mike Lee said, "Wasteful government spending has stoked an inflation rate that is now costing Utahns a staggering $800 each month. Inflation remains historically high under President Biden, and it's making life less affordable for families across the nation.
"I have a plan to fight inflation that addresses the harmful policies that got us here. My bills to prevent runaway federal spending, ease backlogged supply chains, and address skyrocketing housing costs are essential steps to help slow the rising burden on American families."
See Ranking Member Lee's plan to fight inflation HERE, and view the State Inflation Tracker HERE to find this month's estimates for your state:
The Joint Economic Committee is Congress's bicameral economic research center and home of the Social Capital Project, led by Ranking Member Mike Lee.
