Empire State Today

As of July 2024, New York experienced an 18.6% increase in prices of goods and services since January 2021, below the national average of 20.2%, 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 $1,130.

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 July 2024)	Extra Spending per Household (January 2021 to July 2024)
1	Arizona	21.8%	$32,625
1	Colorado	21.8%	$36,703
1	Idaho	21.8%	$29,881
1	Montana	21.8%	$30,915
1	Nevada	21.8%	$32,544
1	New Mexico	21.8%	$28,181
1	Utah	21.8%	$35,618
1	Wyoming	21.8%	$31,787
9	Delaware	21.7%	$30,295
9	District of Columbia	21.7%	$41,313
9	Florida	21.7%	$31,243
9	Georgia	21.7%	$27,427
9	Maryland	21.7%	$30,855
9	North Carolina	21.7%	$25,953
9	South Carolina	21.7%	$25,219
9	Virginia	21.7%	$29,531
9	West Virginia	21.7%	$22,674
18	Alabama	21.2%	$24,147
18	Kentucky	21.2%	$23,947
18	Mississippi	21.2%	$22,495
18	Tennessee	21.2%	$25,318
22	Arkansas	20.6%	$21,291
22	Louisiana	20.6%	$23,954
22	Oklahoma	20.6%	$22,143
22	Texas	20.6%	$27,889
26	Iowa	20.5%	$25,662
26	Kansas	20.5%	$27,809
26	Minnesota	20.5%	$31,660
26	Missouri	20.5%	$28,081
26	Nebraska	20.5%	$28,710
26	North Dakota	20.5%	$28,953
26	South Dakota	20.5%	$28,907
33	Illinois	20.5%	$29,540
33	Indiana	20.5%	$25,771
33	Michigan	20.5%	$26,650
33	Ohio	20.5%	$25,409
33	Wisconsin	20.5%	$25,875
38	Alaska	19.6%	$31,844
38	California	19.6%	$31,983
38	Hawaii	19.6%	$30,923
38	Oregon	19.6%	$24,328
38	Washington	19.6%	$27,268
43	New Jersey	18.6%	$27,877
43	New York	18.6%	$27,387
43	Pennsylvania	18.6%	$23,460
46	Connecticut	17%	$27,536
46	Maine	17%	$22,206
46	Massachusetts	17%	$28,992
46	New Hampshire	17%	$27,409
46	Rhode Island	17%	$23,670
46	Vermont	17%	$23,414

* Rounded values for better visualization.