Austin News

As of November 2024, Texas experienced a 20.6% increase in prices of goods and services since January 2021, surpassing the national average of 20.6%, according to the latest data from the United States Congress Joint Economic Committee.

This rate indicates a significant rise in the overall cost of goods and services, resulting in an additional monthly cost of $1,042.

The persistent increase in inflation has been driven by various factors, including supply chain disruptions, increased demand, and higher production costs. This overall rise in prices has placed additional financial strain on households across the state, making everyday expenses more challenging to manage.

In 2022, the high rates of inflation significantly reduced the real value of American wages, leading to widespread financial concerns, according to Statista. Many Americans expressed anxiety over the economy and reported worsening financial conditions. The inflation crisis in the United States, mirrored globally, was largely driven by COVID-19-related supply chain disruptions and the impact of the Russian invasion of Ukraine.

In June 2022, the U.S. monthly inflation rate soared to a 40-year high of 9.1%, with annual inflation for the year reaching 8%. Without corresponding wage increases, Americans will continue to experience a decline in purchasing power. Since then, inflation has been cooling at a slow pace, but it still hovers above pre-pandemic levels. In June 2024, it reached 3%, with American families facing a CPI more than 20% higher than in January 2020.

Rank	State	Total Inflation Rate (January 2021 to November 2024)	Extra Spending per Household (January 2021 to November 2024)
1	Alabama	22.3%	$28,153
1	Kentucky	22.3%	$27,920
1	Mississippi	22.3%	$26,227
1	Tennessee	22.3%	$29,518
5	Delaware	22.2%	$35,092
5	District of Columbia	22.2%	$47,855
5	Florida	22.2%	$36,190
5	Georgia	22.2%	$31,770
5	Maryland	22.2%	$35,741
5	North Carolina	22.2%	$30,063
5	South Carolina	22.2%	$29,212
5	Virginia	22.2%	$34,207
5	West Virginia	22.2%	$26,264
14	Arizona	21.9%	$37,404
14	Colorado	21.9%	$42,079
14	Idaho	21.9%	$34,258
14	Montana	21.9%	$35,444
14	Nevada	21.9%	$37,311
14	New Mexico	21.9%	$32,309
14	Utah	21.9%	$40,836
14	Wyoming	21.9%	$36,443
22	Arkansas	20.6%	$24,475
22	Louisiana	20.6%	$27,536
22	Oklahoma	20.6%	$25,454
22	Texas	20.6%	$32,059
26	Iowa	20.5%	$29,699
26	Kansas	20.5%	$32,184
26	Minnesota	20.5%	$36,641
26	Missouri	20.5%	$32,499
26	Nebraska	20.5%	$33,226
26	North Dakota	20.5%	$33,508
26	South Dakota	20.5%	$33,455
33	Illinois	20.4%	$34,106
33	Indiana	20.4%	$29,754
33	Michigan	20.4%	$30,769
33	Ohio	20.4%	$29,336
33	Wisconsin	20.4%	$29,874
38	Alaska	20.1%	$36,914
38	California	20.1%	$37,075
38	Hawaii	20.1%	$35,847
38	Oregon	20.1%	$28,202
38	Washington	20.1%	$31,610
43	New Jersey	19.2%	$32,630
43	New York	19.2%	$32,057
43	Pennsylvania	19.2%	$27,461
46	Connecticut	17.8%	$32,066
46	Maine	17.8%	$25,860
46	Massachusetts	17.8%	$33,761
46	New Hampshire	17.8%	$31,919
46	Rhode Island	17.8%	$27,564
46	Vermont	17.8%	$27,267

* Rounded values for better visualization.