The average North Carolina household spent $26,971 in extra costs due to inflation since January 2021, when President Joe Biden (D) and Vice President Kamala Harris (D) took office.
That’s according to an analysis of data released by the U.S. Congress Joint Economic Committee.
As of August 2024, North Carolina experienced a 21,7% increase in prices of goods and services since January 2021, tied for ninth-highest in the nation, and surpassing the national average of 20.3%.
These prices resulted in an additional monthly cost of $1,017 per household.
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 August 2024) | Extra Spending per Household (January 2021 to August 2024) |
|---|---|---|---|
| 1 | Arizona | 22.1% | $33,823 |
| 1 | Colorado | 22.1% | $38,051 |
| 1 | Idaho | 22.1% | $30,979 |
| 1 | Montana | 22.1% | $32,051 |
| 1 | Nevada | 22.1% | $33,740 |
| 1 | New Mexico | 22.1% | $29,216 |
| 1 | Utah | 22.1% | $36,927 |
| 1 | Wyoming | 22.1% | $32,955 |
| 9 | Delaware | 21.7% | $31,483 |
| 9 | District of Columbia | 21.7% | $42,933 |
| 9 | Florida | 21.7% | $32,468 |
| 9 | Georgia | 21.7% | $28,502 |
| 9 | Maryland | 21.7% | $32,065 |
| 9 | North Carolina | 21.7% | $26,971 |
| 9 | South Carolina | 21.7% | $26,208 |
| 9 | Virginia | 21.7% | $30,688 |
| 9 | West Virginia | 21.7% | $23,563 |
| 18 | Alabama | 21.3% | $25,123 |
| 18 | Kentucky | 21.3% | $24,915 |
| 18 | Mississippi | 21.3% | $23,404 |
| 18 | Tennessee | 21.3% | $26,341 |
| 22 | Iowa | 20.9% | $26,680 |
| 22 | Kansas | 20.9% | $28,913 |
| 22 | Minnesota | 20.9% | $32,917 |
| 22 | Missouri | 20.9% | $29,196 |
| 22 | Nebraska | 20.9% | $29,850 |
| 22 | North Dakota | 20.9% | $30,103 |
| 22 | South Dakota | 20.9% | $30,055 |
| 29 | Illinois | 20.5% | $30,683 |
| 29 | Indiana | 20.5% | $26,768 |
| 29 | Michigan | 20.5% | $27,681 |
| 29 | Ohio | 20.5% | $26,392 |
| 29 | Wisconsin | 20.5% | $26,876 |
| 34 | Arkansas | 20.4% | $22,080 |
| 34 | Louisiana | 20.4% | $24,841 |
| 34 | Oklahoma | 20.4% | $22,963 |
| 34 | Texas | 20.4% | $28,921 |
| 38 | Alaska | 19.6% | $33,089 |
| 38 | California | 19.6% | $33,232 |
| 38 | Hawaii | 19.6% | $32,132 |
| 38 | Oregon | 19.6% | $25,279 |
| 38 | Washington | 19.6% | $28,334 |
| 43 | New Jersey | 18.9% | $29,047 |
| 43 | New York | 18.9% | $28,537 |
| 43 | Pennsylvania | 18.9% | $24,445 |
| 46 | Connecticut | 17.2% | $28,647 |
| 46 | Maine | 17.2% | $23,102 |
| 46 | Massachusetts | 17.2% | $30,161 |
| 46 | New Hampshire | 17.2% | $28,515 |
| 46 | Rhode Island | 17.2% | $24,625 |
| 46 | Vermont | 17.2% | $24,359 |
* Rounded values for better visualization.
