Inflation Causes TN Households To Spend Over $600 More Monthly Than Last Year
Image Credit: United States Congress Joint Economic Committee
The Tennessee Conservative [By Jason Vaughn] –
The United States Congress Joint Economic Committee (JEC) has released a report that shows the typical Tennessee household is spending $616 more for the same goods and services than they did last year at the same time.
Americans are facing the highest inflation rates in decades, making it harder for them to afford everyday goods and more expensive to raise their families.
Each month coinciding with the Bureau of Labor Statistics’ release of the Consumer Price Index, JEC Republicans’ State Inflation Tracker estimates how much inflation increases costs for American families in each state and how the drivers of inflation continue to vary across the country.
Specifically, they ask: “how much more must the average household pay today to maintain the same standard of living it achieved in January 2021, the last time inflation was within historical norms?”
Their methodology for the report that contains a full description of the methods used can be found HERE.
A downloadable data file with a detailed breakdown of inflation costs can be found HERE.
The State Inflation Tracker shows that the average increase of household expenditures due to inflation dropped slightly between June and August with June’s numbers showing the average to be $644.
Tennessee’s August numbers are below the National average of $728.
The report states that even if prices stop increasing altogether, the inflation that has already occurred will cost the average American household $8,581 over the next 12 months.
Families in the Mountain West (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming) are facing the highest inflation rates, with prices today 15.6 percent higher than in January 2021. In the United States overall, the monthly inflation cost in August 2022 was highest within transportation ($281), followed by energy ($157), food ($99), and shelter ($95).
Due to a combination of higher inflation rates and higher average household spending, inflation is imposing the greatest monthly costs on families in the states of Colorado ($953), Utah ($925), and Arizona ($847). Annualized, these families are facing inflation costs of $11,438, $11,100, and $10,167 over the next year, respectively.
For the average American household, inflation costs were essentially unchanged from July to August, decreasing by $2. Seventeen states saw inflation cost increases and 33 states saw inflation cost decreases.
Monthly inflation costs increased the most in the states of New Jersey ($25), New York ($24), and Pennsylvania ($21).
Inflation costs decreased the most in Tennessee ($27), Alabama and Kentucky ($26 each), and Mississippi ($24).
In the United States overall, the monthly inflation cost in August 2022 was highest within transportation ($281), followed by energy ($157), food ($99), and shelter ($95).
Families in Colorado are facing the highest transportation inflation costs ($372) and shelter inflation costs ($169); families in California are facing the highest food inflation costs ($122); and families in Texas are facing the highest energy inflation costs ($209).
About the Author: Jason Vaughn, Media Coordinator for The Tennessee Conservative ~ Jason previously worked for a legacy publishing company based in Crossville, TN in a variety of roles through his career. Most recently, he served as Deputy Director for their flagship publication. Prior, he was a freelance journalist writing articles that appeared in the Herald Citizen, the Crossville Chronicle and The Oracle among others. He graduated from Tennessee Technological University with a Bachelor’s in English-Journalism, with minors in Broadcast Journalism and History. Contact Jason at news@TennesseeConservativeNews.com
