Empire State Today

As of April 2024, New York experienced a 17.5% increase in prices of goods and services since January 2021, compared to the nationwide trend of a 19.9% increase. According to the latest data from the United States Congress Joint Economic Committee, the total monthly inflation rate in New York stood at 17.5%, below the national rate.

This rate indicates a significant rise in the overall cost of goods and services, resulting in an additional monthly cost of $1,067.

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	April 2024 Total Inflation Rate Since January 2021	Extra Spending per Household (January 2021 to April 2024)
1	Arizona	22.2%	$29,053
1	Colorado	22.2%	$32,684
1	Idaho	22.2%	$26,609
1	Montana	22.2%	$27,531
1	Nevada	22.2%	$28,981
1	New Mexico	22.2%	$25,095
1	Utah	22.2%	$31,718
1	Wyoming	22.2%	$28,306
9	Delaware	21.3%	$26,771
9	District of Columbia	21.3%	$36,506
9	Florida	21.3%	$27,608
9	Georgia	21.3%	$24,236
9	Maryland	21.3%	$27,265
9	North Carolina	21.3%	$22,934
9	South Carolina	21.3%	$22,285
9	Virginia	21.3%	$26,095
9	West Virginia	21.3%	$20,036
18	Alabama	20.7%	$21,247
18	Kentucky	20.7%	$21,071
18	Mississippi	20.7%	$19,793
18	Tennessee	20.7%	$22,277
22	Arkansas	20.7%	$18,904
22	Louisiana	20.7%	$21,268
22	Oklahoma	20.7%	$19,660
22	Texas	20.7%	$24,762
26	Alaska	19.9%	$28,075
26	California	19.9%	$28,197
26	Hawaii	19.9%	$27,263
26	Oregon	19.9%	$21,449
26	Washington	19.9%	$24,041
31	Illinois	19.5%	$26,181
31	Indiana	19.5%	$22,841
31	Michigan	19.5%	$23,619
31	Ohio	19.5%	$22,520
31	Wisconsin	19.5%	$22,933
36	Iowa	19.4%	$22,744
36	Kansas	19.4%	$24,647
36	Minnesota	19.4%	$28,061
36	Missouri	19.4%	$24,888
36	Nebraska	19.4%	$25,446
36	North Dakota	19.4%	$25,662
36	South Dakota	19.4%	$25,621
43	New Jersey	17.5%	$24,468
43	New York	17.5%	$24,038
43	Pennsylvania	17.5%	$20,591
46	Connecticut	16.6%	$24,224
46	Maine	16.6%	$19,535
46	Massachusetts	16.6%	$25,505
46	New Hampshire	16.6%	$24,113
46	Rhode Island	16.6%	$20,823
46	Vermont	16.6%	$20,598

* Rounded values for better visualization.