Lee: Inflation Is Costing Americans $715 Each Month
WASHINGTON—The Joint Economic Committee's State Inflation Tracker reports that historically high inflation rates since the beginning of 2021 cost American households an extra $715 in the month of August alone, approximately equal to the cost in July.
The Tracker, which quantifies the monthly inflation costs that American households face in each state, shows that Americans across the country are continuing to face high costs.
Households in Colorado faced increased costs of $953 in August to afford the same items they purchased in January 2021. In Utah, those costs rose to $925 in August. In Arizona, those costs rose to $847 for the month.
The inflation that has already occurred will cost the average American household an extra $8,581 in the coming year. Families in Colorado will face an additional $11,438 in expenses over the next year and families in Utah will face an extra $11,100.
Ranking Member Mike Lee said, “Prices remain elevated across the country and American families continue to pay more than they should day after day. Inflation over the past 20 months is costing Utah families more than $11,100 each year. It is clear that life today is much more expensive than it was when President Biden took office.”
The Joint Economic Committee is Congress's bicameral economic research center and home of the Social Capital Project, led by Ranking Member Mike Lee.