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Monday, December 23, 2024

Inflation in California lower than national average as of June 2024

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Governor Gavin Newsom | Office of the Governor Gavin Newsom

Governor Gavin Newsom | Office of the Governor Gavin Newsom

As of June 2024, California experienced a 19.8% increase in prices of goods and services since January 2021, compared to the nationwide trend of a 20.1% increase. According to the latest data from the United States Congress Joint Economic Committee, the total monthly inflation rate in California stood at 19.8%, below the national rate.

This rate indicates a significant rise in the overall cost of goods and services, resulting in an additional monthly cost of $1,260.

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.

Comparison of California Inflation Costs by Sector for June 2024: Increase Since January 2021
Total InflationTransportationShelterFoodEnergy$1,260$1,260$314$314$279$279$182$182$158$158

Cost of Living: State-by-State Inflation Comparison from January 2021 to June 2024
RankStateJune 2024 Total Inflation Rate Since January 2021Extra Spending per Household (January 2021 to June 2024)
1Arizona22%$31,446
1Colorado22%$35,377
1Idaho22%$28,802
1Montana22%$29,799
1Nevada22%$31,369
1New Mexico22%$27,163
1Utah22%$34,332
1Wyoming22%$30,639
9Delaware21.4%$29,109
9District of Columbia21.4%$39,695
9Florida21.4%$30,019
9Georgia21.4%$26,353
9Maryland21.4%$29,647
9North Carolina21.4%$24,937
9South Carolina21.4%$24,231
9Virginia21.4%$28,374
9West Virginia21.4%$21,786
18Alabama21.1%$23,177
18Kentucky21.1%$22,985
18Mississippi21.1%$21,591
18Tennessee21.1%$24,300
22Arkansas20.6%$20,496
22Louisiana20.6%$23,060
22Oklahoma20.6%$21,316
22Texas20.6%$26,847
26Illinois19.9%$28,397
26Indiana19.9%$24,774
26Michigan19.9%$25,618
26Ohio19.9%$24,426
26Wisconsin19.9%$24,874
31Iowa19.9%$24,662
31Kansas19.9%$26,725
31Minnesota19.9%$30,427
31Missouri19.9%$26,987
31Nebraska19.9%$27,591
31North Dakota19.9%$27,825
31South Dakota19.9%$27,781
38Alaska19.8%$30,599
38California19.8%$30,732
38Hawaii19.8%$29,714
38Oregon19.8%$23,377
38Washington19.8%$26,202
43New Jersey18.4%$26,726
43New York18.4%$26,257
43Pennsylvania18.4%$22,492
46Connecticut17.4%$26,441
46Maine17.4%$21,323
46Massachusetts17.4%$27,839
46New Hampshire17.4%$26,320
46Rhode Island17.4%$22,729
46Vermont17.4%$22,484
* Rounded values for better visualization.

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