Old North News

North Carolina families spent an average of $1,017 more for goods and services – including transportation, shelter costs, energy, and food – in July 2024 than they were spending prior to the beginning of the Biden-Harris Administration.

That’s according to data released by the U.S. Senate Joint Economic Committee (JEC).

Per the analysis, the average North Carolina household has spent a cumulative $25,953 more since January of 2021 than if pre-2021 trends under the Trump administration had continued.

As the JEC report notes, in the U.S. Census Bureau's South Atlantic division — which includes North Carolina — the cumulative inflation rate since January 2021 is 21.7 percent, 1.5 percent higher than the national rate. Moreover, compared to July 2023, it costs the average North Carolina household $165 more every month to maintain the same living standard. 

The JEC's State Inflation Tracker reveals that with regard to transportation costs, the average North Carolina household currently spends $262 more per month than in January 2021, with a cumulative spending increase of $8,583 since January 2021 due to inflation.

With regard to shelter costs, the average North Carolina household currently spends $251 more per month than in January 2021, with a cumulative spending increase of $5,372 since January 2021 due to inflation.

In terms of energy costs, the average North Carolina household currently spends $119 more per month than in January 2021, with a cumulative spending increase of $3,934 since January 2021 due to inflation.

Food costs are similarly inflated, and as a result, the average North Carolina household currently spends $119 more per month than in January 2021, with a cumulative spending increase of $2,972 since January 2021 due to inflation.

Primerica's fourth quarter 2022 U.S. Middle-Income Financial Security Monitor survey — which is designed to assess the financial health of households annual incomes of $30,000 to $100,000 — found that in December 2022, 53 percent of respondents reported their financial situations as "excellent or good," compared to 65 percent in September 2020 (in June 2024, this percentage had dipped to 49 percent). Also, in December 2022, 72 percent of respondents said that their incomes were falling behind the cost of living, 22 percent more than in September 2020.

There are currently 7,567,009 registered voters in North Carolina. In 2020 the presidential election in North Carolina was decided by 74,483 votes, according to the North Carolina Board of Elections. North Carlina residents wanting to register can do so now through October 31 online through Secure Vote North Carolina.