Lee: Inflation is Costing Americans $717 Each Month
WASHINGTON—Following today's news that the annual inflation rate remains at historically high levels, the Joint Economic Committee's State Inflation Tracker reports that inflation cost American households $717 in the month of July alone, approximately equal to the cost in June.
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 Arizona.
Households in Colorado faced increased costs of $937 in July to afford the same items they purchased in January 2021. In Utah, those costs rose to $910 in July. In Arizona, those costs rose to $833 for the month.
The inflation that has already occurred will cost Colorado households $11,249 over the next year and Utah households $10,917 over the next year. Even if prices stop increasing altogether, inflation will cost the average American household an extra $8,607 in the coming year.
Ranking Member Mike Lee said, “Inflation over the past 18 months is costing Utah families more than $10,917 each year. This is a direct result of reckless government spending that has far exceeded our means.
“The fact that inflation costs did not rise even further over the past month for American families is a welcome development, but one that is likely to be temporary. Rather than learning their lesson, Democrats poured fuel on the fire this past weekend by ramming hundreds of billions of dollars in new spending and tax increases through the Senate. Authorizing new federal spending in the midst of an inflation crisis will make life harder and more expensive for everyone.”
The Joint Economic Committee is Congress's bicameral economic research center and home of the Social Capital Project, led by Ranking Member Mike Lee.