Lee: Inflation Is Now Costing Americans $718 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 cost American households $718 in the month of June alone.
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 Colorado, Utah, and Minnesota.
Households in Colorado faced increased costs of $908 in June to afford the same items they purchased in January 2021. In Utah, those costs rose to $881 in June. In Minnesota, those costs rose to $826 for the month.
The inflation that has already occurred will cost Colorado households $10,898 over the next year and Utah households $10,576 over the next year. Even if prices stop increasing altogether, inflation will cost the average American household an extra $8,616 in the coming year.
Ranking Member Mike Lee said, "Inflation is costing Utah families more than $10,000 each year. Reckless spending in Washington has made life harder and more expensive for everyone.
"My plan to fight inflation would prevent the federal government from wasteful spending while inflation is devastating American families. It includes commonsense legislation to address the high cost of housing and ease the supply chain crisis so families can get everyday necessities at prices they can afford."
The Joint Economic Committee is Congress's bicameral economic research center and home of the Social Capital Project, led by Ranking Member Mike Lee.