Garden State Times

As of January 2024, New Jersey experienced a 15.8% increase in prices of goods and services since January 2021, compared to the nationwide trend of a 17.9% increase. According to the latest data from the United States Congress Joint Economic Committee, the total monthly inflation rate in New Jersey stood at 15.8%, 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 $980.

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	January 2024 Total Inflation Rate Since January 2021	Extra Spending per Household (January 2021 to January 2024)
1	Arizona	20.4%	$25,565
1	Colorado	20.4%	$28,760
1	Idaho	20.4%	$23,415
1	Montana	20.4%	$24,225
1	Nevada	20.4%	$25,502
1	New Mexico	20.4%	$22,083
1	Utah	20.4%	$27,910
1	Wyoming	20.4%	$24,908
9	Delaware	19.5%	$23,321
9	District of Columbia	19.5%	$31,803
9	Florida	19.5%	$24,051
9	Georgia	19.5%	$21,114
9	Maryland	19.5%	$23,752
9	North Carolina	19.5%	$19,979
9	South Carolina	19.5%	$19,414
9	Virginia	19.5%	$22,733
9	West Virginia	19.5%	$17,454
18	Arkansas	19%	$16,549
18	Louisiana	19%	$18,619
18	Oklahoma	19%	$17,211
18	Texas	19%	$21,677
22	Alabama	18.1%	$18,499
22	Kentucky	18.1%	$18,346
22	Mississippi	18.1%	$17,234
22	Tennessee	18.1%	$19,396
26	Alaska	17.6%	$24,444
26	California	17.6%	$24,550
26	Hawaii	17.6%	$23,737
26	Oregon	17.6%	$18,675
26	Washington	17.6%	$20,931
31	Illinois	17.4%	$23,038
31	Indiana	17.4%	$20,098
31	Michigan	17.4%	$20,784
31	Ohio	17.4%	$19,816
31	Wisconsin	17.4%	$20,180
36	Iowa	17.3%	$19,992
36	Kansas	17.3%	$21,665
36	Minnesota	17.3%	$24,666
36	Missouri	17.3%	$21,877
36	Nebraska	17.3%	$22,367
36	North Dakota	17.3%	$22,557
36	South Dakota	17.3%	$22,521
43	New Jersey	15.8%	$21,311
43	New York	15.8%	$20,937
43	Pennsylvania	15.8%	$17,935
46	Connecticut	14.7%	$21,133
46	Maine	14.7%	$17,043
46	Massachusetts	14.7%	$22,250
46	New Hampshire	14.7%	$21,036
46	Rhode Island	14.7%	$18,166
46	Vermont	14.7%	$17,970

* Rounded values for better visualization.