Lee: Inflation Is Costing Americans $747 Each Month
WASHINGTON—Inflation cost Americans an extra $747 in November, according to the Joint Economic Committee's State Inflation Tracker following today's reports that inflation remains elevated across the country.
The Tracker shows that the highest costs are being paid by families in Colorado, Utah, and Arizona. Colorado households faced costs of $1,005 in November to afford the same items they purchased in January 2021. For Utah households, inflation costs were $976 in November. In Arizona, inflation costs were $894 for the month.
The inflation that has occurred since January 2021 will cost the average American household an extra $8,963 in the coming year. Families in Colorado will face an additional $12,065 in expenses and families in Utah will face an extra $11,708 in expenses over the next year.
The Joint Economic Committee is Congress's bicameral economic research center and home of the Social Capital Project, led by Ranking Member Mike Lee.