Old Dominion News

As of June 2024, Virginia experienced a 21.4% 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 Virginia stood at 21.4%, 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 $1,142.

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	June 2024 Total Inflation Rate Since January 2021	Extra Spending per Household (January 2021 to June 2024)
1	Arizona	22%	$31,446
1	Colorado	22%	$35,377
1	Idaho	22%	$28,802
1	Montana	22%	$29,799
1	Nevada	22%	$31,369
1	New Mexico	22%	$27,163
1	Utah	22%	$34,332
1	Wyoming	22%	$30,639
9	Delaware	21.4%	$29,109
9	District of Columbia	21.4%	$39,695
9	Florida	21.4%	$30,019
9	Georgia	21.4%	$26,353
9	Maryland	21.4%	$29,647
9	North Carolina	21.4%	$24,937
9	South Carolina	21.4%	$24,231
9	Virginia	21.4%	$28,374
9	West Virginia	21.4%	$21,786
18	Alabama	21.1%	$23,177
18	Kentucky	21.1%	$22,985
18	Mississippi	21.1%	$21,591
18	Tennessee	21.1%	$24,300
22	Arkansas	20.6%	$20,496
22	Louisiana	20.6%	$23,060
22	Oklahoma	20.6%	$21,316
22	Texas	20.6%	$26,847
26	Illinois	19.9%	$28,397
26	Indiana	19.9%	$24,774
26	Michigan	19.9%	$25,618
26	Ohio	19.9%	$24,426
26	Wisconsin	19.9%	$24,874
31	Iowa	19.9%	$24,662
31	Kansas	19.9%	$26,725
31	Minnesota	19.9%	$30,427
31	Missouri	19.9%	$26,987
31	Nebraska	19.9%	$27,591
31	North Dakota	19.9%	$27,825
31	South Dakota	19.9%	$27,781
38	Alaska	19.8%	$30,599
38	California	19.8%	$30,732
38	Hawaii	19.8%	$29,714
38	Oregon	19.8%	$23,377
38	Washington	19.8%	$26,202
43	New Jersey	18.4%	$26,726
43	New York	18.4%	$26,257
43	Pennsylvania	18.4%	$22,492
46	Connecticut	17.4%	$26,441
46	Maine	17.4%	$21,323
46	Massachusetts	17.4%	$27,839
46	New Hampshire	17.4%	$26,320
46	Rhode Island	17.4%	$22,729
46	Vermont	17.4%	$22,484

* Rounded values for better visualization.