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Sunday, December 22, 2024

Vermont experiences lower inflation rate than national average as of August 2024

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U.S. Representative JEC Chairman David Schweikert (right), and Vermont Governor Phil Scott (left) | https://pbs.twimg.com/

U.S. Representative JEC Chairman David Schweikert (right), and Vermont Governor Phil Scott (left) | https://pbs.twimg.com/

As of August 2024, Vermont experienced a 17.2% increase in prices of goods and services since January 2021, below the national average of 20.3%, 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 $945.

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 Vermont Inflation Costs by Sector for August 2024: Increase Since January 2021
Total InflationShelterTransportationFoodEnergy$944$944$232$232$229$229$112$112$104$104

Cost of Living: State-by-State Inflation Comparison from January 2021 to August 2024
RankStateTotal Inflation Rate (January 2021 to August 2024)Extra Spending per Household (January 2021 to August 2024)
1Arizona22.1%$33,823
1Colorado22.1%$38,051
1Idaho22.1%$30,979
1Montana22.1%$32,051
1Nevada22.1%$33,740
1New Mexico22.1%$29,216
1Utah22.1%$36,927
1Wyoming22.1%$32,955
9Delaware21.7%$31,483
9District of Columbia21.7%$42,933
9Florida21.7%$32,468
9Georgia21.7%$28,502
9Maryland21.7%$32,065
9North Carolina21.7%$26,971
9South Carolina21.7%$26,208
9Virginia21.7%$30,688
9West Virginia21.7%$23,563
18Alabama21.3%$25,123
18Kentucky21.3%$24,915
18Mississippi21.3%$23,404
18Tennessee21.3%$26,341
22Iowa20.9%$26,680
22Kansas20.9%$28,913
22Minnesota20.9%$32,917
22Missouri20.9%$29,196
22Nebraska20.9%$29,850
22North Dakota20.9%$30,103
22South Dakota20.9%$30,055
29Illinois20.5%$30,683
29Indiana20.5%$26,768
29Michigan20.5%$27,681
29Ohio20.5%$26,392
29Wisconsin20.5%$26,876
34Arkansas20.4%$22,080
34Louisiana20.4%$24,841
34Oklahoma20.4%$22,963
34Texas20.4%$28,921
38Alaska19.6%$33,089
38California19.6%$33,232
38Hawaii19.6%$32,132
38Oregon19.6%$25,279
38Washington19.6%$28,334
43New Jersey18.9%$29,047
43New York18.9%$28,537
43Pennsylvania18.9%$24,445
46Connecticut17.2%$28,647
46Maine17.2%$23,102
46Massachusetts17.2%$30,161
46New Hampshire17.2%$28,515
46Rhode Island17.2%$24,625
46Vermont17.2%$24,359
* Rounded values for better visualization.

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