Steve Cortes, president, League of American Workers, left, and U.S. President Joe Biden (D) | Provided Photo / X
Steve Cortes, president, League of American Workers, left, and U.S. President Joe Biden (D) | Provided Photo / X
The head of the League of American Workers (LAW) said a new report showing the average Arizona household has spent over $35,000 in extra inflation costs shows that "Arizonans can't afford another four years like the last four years."
"Since 2021, they've had to pay for higher energy costs, higher housing costs, and higher food costs," LAW President and Founder Steve Cortes told Grand Canyon Times. "It's time for a change."
"It's time for sensible policies that lower costs, cut taxes, spur more U.S. energy production, and put Americans first," he said.
The average Arizona household has spent $35,021 in extra costs due to inflation since January 2021, reported the Grand Canyon Times last week.
As of September 2024, Arizona experienced a 22.1% increase in prices of goods and services since January 2021, surpassing the national average of 20.5%, according to the latest data from the United States Congress Joint Economic Committee.
These increases resulted in an additional monthly cost of $1,198 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 September 2024) | Extra Spending per Household (January 2021 to September 2024) |
---|---|---|---|
1 | Arizona | 22.1% | $35,021 |
1 | Colorado | 22.1% | $39,399 |
1 | Idaho | 22.1% | $32,076 |
1 | Montana | 22.1% | $33,187 |
1 | Nevada | 22.1% | $34,935 |
1 | New Mexico | 22.1% | $30,251 |
1 | Utah | 22.1% | $38,235 |
1 | Wyoming | 22.1% | $34,122 |
9 | Delaware | 21.8% | $32,673 |
9 | District of Columbia | 21.8% | $44,556 |
9 | Florida | 21.8% | $33,696 |
9 | Georgia | 21.8% | $29,580 |
9 | Maryland | 21.8% | $33,277 |
9 | North Carolina | 21.8% | $27,991 |
9 | South Carolina | 21.8% | $27,199 |
9 | Virginia | 21.8% | $31,849 |
9 | West Virginia | 21.8% | $24,454 |
18 | Alabama | 21.8% | $26,122 |
18 | Kentucky | 21.8% | $25,906 |
18 | Mississippi | 21.8% | $24,335 |
18 | Tennessee | 21.8% | $27,388 |
22 | Iowa | 20.9% | $27,698 |
22 | Kansas | 20.9% | $30,016 |
22 | Minnesota | 20.9% | $34,173 |
22 | Missouri | 20.9% | $30,309 |
22 | Nebraska | 20.9% | $30,988 |
22 | North Dakota | 20.9% | $31,251 |
22 | South Dakota | 20.9% | $31,201 |
29 | Arkansas | 20.5% | $22,872 |
29 | Louisiana | 20.5% | $25,733 |
29 | Oklahoma | 20.5% | $23,787 |
29 | Texas | 20.5% | $29,959 |
33 | Illinois | 20.5% | $31,827 |
33 | Indiana | 20.5% | $27,766 |
33 | Michigan | 20.5% | $28,713 |
33 | Ohio | 20.5% | $27,376 |
33 | Wisconsin | 20.5% | $27,878 |
38 | Alaska | 20% | $34,359 |
38 | California | 20% | $34,508 |
38 | Hawaii | 20% | $33,365 |
38 | Oregon | 20% | $26,250 |
38 | Washington | 20% | $29,422 |
43 | New Jersey | 19.2% | $30,238 |
43 | New York | 19.2% | $29,707 |
43 | Pennsylvania | 19.2% | $25,448 |
46 | Connecticut | 17.6% | $29,783 |
46 | Maine | 17.6% | $24,019 |
46 | Massachusetts | 17.6% | $31,357 |
46 | New Hampshire | 17.6% | $29,646 |
46 | Rhode Island | 17.6% | $25,602 |
46 | Vermont | 17.6% | $25,325 |