Lee: Inflation Is Now Costing Americans $569 Each Month
Lee: Inflation Is Now Costing Americans $569 Each Month
WASHINGTON—The Joint Economic Committee's State Inflation Tracker provides monthly estimates of the inflation costs Americans are facing in each state.
Following today's confirmation that inflation remains persistently high, the Tracker shows that inflation is now costing American households $569 each month, with the highest rates recorded in the States of Colorado, Utah, and Arizona.
Households in Colorado faced increased costs of $774 in April to afford the same items they purchased in January 2021. In Utah, those costs rose to $751 in April. In Arizona, those costs rose to $688 for the month.
Even if prices stop increasing tomorrow, the inflation that has already occurred will cost Colorado and Utah households more than $9,000 over the next year. For the average American household, inflation will cost an extra $6,829 in the coming year.
Ranking Member Mike Lee said, "Excessive spending in Congress has eroded Americans' wages and savings, and it's hitting families in the Mountain West harder than almost anywhere else in the country. Every single month, families in Utah are paying $750 more because of failed policies coming out of Washington.
"I have a detailed plan to curb inflation, including legislation making it more difficult for Congress to inflate prices by spending money that we don't have. We must stop fueling sustained levels of inflation and return to the pro-growth policies that made our economy so successful before the pandemic."
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.
