Today, Joint Economic Committee Ranking Member Mike Lee (R-UT) announced the launch of a new State Inflation Tracker that provides the first ever estimates of the inflation costs Americans are facing in each state. The State Inflation Tracker will provide state-by-state inflation data every month.
Following today’s release of the Consumer Price Index, the State Inflation Tracker shows that inflation is costing Americans the most in Washington, DC, where households faced increased costs of $780 in March to afford the same items they purchased in January 2021. Even if prices stopped increasing tomorrow, the inflation that has already occurred will cost Washington, DC households $9,363 over the next year.
Inflation is costing Americans the least in Mississippi, where households faced increased costs of $413 in March to afford the same items they purchased in January 2021. Even if prices stopped increasing tomorrow, the inflation that has already occurred will cost Mississippi households $4,955 over the next year.
The inflation that has already occurred will cost the average American household $536 in March alone and $6,431 over the next year.
View the State Inflation Tracker to find estimates for each state.
Ranking Member Lee has introduced several measures to counter inflation as families in Utah continue to face some of the highest costs nationwide, $702 in March alone. Last month, Lee introduced the PRICE Act, which requires a 3/5 majority of Senators to approve new spending measures when the nation’s inflation rate is at or above 3%. Lee’s SHIP IT Act would streamline the regulations that are driving up prices to help relieve the supply chain crisis at its source.
The Joint Economic Committee is Congress’s bicameral economic research center and home of the Social Capital Project, led by Ranking Member Mike Lee.