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Monday, December 23, 2024

Wyoming experiences higher inflation rate than national average as of March 2024

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Wyoming Governor Mark Gordon | Wikipedia

Wyoming Governor Mark Gordon | Wikipedia

As of March 2024, Wyoming experienced a 21.6% increase in prices of goods and services since January 2021, compared to the nationwide trend of a 19.4% increase. According to the latest data from the United States Congress Joint Economic Committee, the total monthly inflation rate in Wyoming stood at 21.6%, surpassing the national rate.

This rate indicates a significant rise in the overall cost of goods and services, resulting in an additional monthly cost of $1,141.

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 Wyoming Inflation Costs by Sector for March 2024: Increase Since January 2021
Total InflationTransportationShelterFoodEnergy$1,140$1,140$314$314$260$260$146$146$145$145

Cost of Living: State-by-State Inflation Comparison from January 2021 to March 2024
RankStateMarch 2024 Total Inflation Rate Since January 2021Extra Spending per Household (January 2021 to March 2024)
1Arizona21.6%$27,850
1Colorado21.6%$31,332
1Idaho21.6%$25,508
1Montana21.6%$26,391
1Nevada21.6%$27,782
1New Mexico21.6%$24,057
1Utah21.6%$30,406
1Wyoming21.6%$27,135
9Delaware21.2%$25,608
9District of Columbia21.2%$34,921
9Florida21.2%$26,409
9Georgia21.2%$23,183
9Maryland21.2%$26,081
9North Carolina21.2%$21,937
9South Carolina21.2%$21,317
9Virginia21.2%$24,961
9West Virginia21.2%$19,165
18Arkansas20.4%$18,105
18Louisiana20.4%$20,370
18Oklahoma20.4%$18,830
18Texas20.4%$23,716
22Alabama20%$20,297
22Kentucky20%$20,129
22Mississippi20%$18,909
22Tennessee20%$21,281
26Alaska19.2%$26,813
26California19.2%$26,930
26Hawaii19.2%$26,038
26Oregon19.2%$20,485
26Washington19.2%$22,960
31Iowa18.9%$21,800
31Kansas18.9%$23,624
31Minnesota18.9%$26,896
31Missouri18.9%$23,855
31Nebraska18.9%$24,389
31North Dakota18.9%$24,596
31South Dakota18.9%$24,557
38Illinois18.8%$25,094
38Indiana18.8%$21,892
38Michigan18.8%$22,639
38Ohio18.8%$21,585
38Wisconsin18.8%$21,981
43New Jersey17%$23,382
43New York17%$22,971
43Pennsylvania17%$19,677
46Connecticut16.2%$23,152
46Maine16.2%$18,671
46Massachusetts16.2%$24,376
46New Hampshire16.2%$23,046
46Rhode Island16.2%$19,902
46Vermont16.2%$19,687
* Rounded values for better visualization.

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