Constitution State News

As of September 2024, Connecticut experienced a 17.6% increase in prices of goods and services since January 2021, below the national average of 20.5%, 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 $1,136.

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

* Rounded values for better visualization.