Lee: Inflation Is Costing Americans $728 Each Month
WASHINGTON—Inflation cost Americans an extra $728 in September, according to the Joint Economic Committee's State Inflation Tracker following today's reports that the country continues to face the highest inflation in over 40 years.
The Tracker shows that the highest costs are being paid by families in Colorado, Utah, and Arizona. Colorado households faced increased costs of $978 in September to afford the same items they purchased in January 2021. For Utah households, costs rose to $949 in September. In Arizona, costs rose to $869 for the month.
The inflation that has occurred since January 2021 will cost the average American household an extra $8,739 in the coming year. Families in Colorado will face an additional $11,731 in expenses and families in Utah will face an extra $11,385 in expenses over the next year.
Ranking Member Mike Lee said, "Inflation is costing Utahns an extra $950 a month on average for monthly household living expenses. This is outrageous, and it needs to stop. I have a detailed plan to fight inflation and bring down costs for American families. It's time to remember the government is there to serve the people, not the other way around."
The Joint Economic Committee is Congress's bicameral economic research center and home of the Social Capital Project, led by Ranking Member Mike Lee.