Garden State Times

As of February 2024, New Jersey experienced a 16.4% increase in prices of goods and services since January 2021, compared to the nationwide trend of an 18.6% increase. According to the latest data from the United States Congress Joint Economic Committee, the total monthly inflation rate in New Jersey stood at 16.4%, 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 $1,015.

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	February 2024 Total Inflation Rate Since January 2021	Extra Spending per Household (January 2021 to February 2024)
1	Delaware	20.7%	$24,450
1	District of Columbia	20.7%	$33,342
1	Florida	20.7%	$25,215
1	Georgia	20.7%	$22,135
1	Maryland	20.7%	$24,902
1	North Carolina	20.7%	$20,946
1	South Carolina	20.7%	$20,353
1	Virginia	20.7%	$23,833
1	West Virginia	20.7%	$18,299
10	Arizona	20.6%	$26,679
10	Colorado	20.6%	$30,014
10	Idaho	20.6%	$24,436
10	Montana	20.6%	$25,282
10	Nevada	20.6%	$26,614
10	New Mexico	20.6%	$23,046
10	Utah	20.6%	$29,127
10	Wyoming	20.6%	$25,994
18	Arkansas	20%	$17,320
18	Louisiana	20%	$19,486
18	Oklahoma	20%	$18,012
18	Texas	20%	$22,686
22	Alabama	19.2%	$19,379
22	Kentucky	19.2%	$19,218
22	Mississippi	19.2%	$18,053
22	Tennessee	19.2%	$20,318
26	Iowa	18.2%	$20,879
26	Kansas	18.2%	$22,626
26	Minnesota	18.2%	$25,760
26	Missouri	18.2%	$22,847
26	Nebraska	18.2%	$23,359
26	North Dakota	18.2%	$23,557
26	South Dakota	18.2%	$23,520
33	Alaska	18.2%	$25,596
33	California	18.2%	$25,707
33	Hawaii	18.2%	$24,856
33	Oregon	18.2%	$19,555
33	Washington	18.2%	$21,918
38	Illinois	18%	$24,042
38	Indiana	18%	$20,975
38	Michigan	18%	$21,690
38	Ohio	18%	$20,680
38	Wisconsin	18%	$21,059
43	New Jersey	16.4%	$22,326
43	New York	16.4%	$21,934
43	Pennsylvania	16.4%	$18,789
46	Connecticut	15.1%	$22,106
46	Maine	15.1%	$17,828
46	Massachusetts	15.1%	$23,275
46	New Hampshire	15.1%	$22,005
46	Rhode Island	15.1%	$19,003
46	Vermont	15.1%	$18,798

* Rounded values for better visualization.