Old Dominion News

As of May 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 $1,137.

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	May 2024 Total Inflation Rate Since January 2021	Extra Spending per Household (January 2021 to May 2024)
1	Arizona	22.2%	$30,256
1	Colorado	22.2%	$34,038
1	Idaho	22.2%	$27,712
1	Montana	22.2%	$28,671
1	Nevada	22.2%	$30,181
1	New Mexico	22.2%	$26,135
1	Utah	22.2%	$33,032
1	Wyoming	22.2%	$29,479
9	Delaware	21.4%	$27,937
9	District of Columbia	21.4%	$38,098
9	Florida	21.4%	$28,812
9	Georgia	21.4%	$25,293
9	Maryland	21.4%	$28,454
9	North Carolina	21.4%	$23,933
9	South Carolina	21.4%	$23,256
9	Virginia	21.4%	$27,232
9	West Virginia	21.4%	$20,909
18	Alabama	21%	$22,210
18	Kentucky	21%	$22,027
18	Mississippi	21%	$20,691
18	Tennessee	21%	$23,287
22	Arkansas	20.7%	$19,702
22	Louisiana	20.7%	$22,167
22	Oklahoma	20.7%	$20,491
22	Texas	20.7%	$25,807
26	Alaska	20%	$29,344
26	California	20%	$29,472
26	Hawaii	20%	$28,496
26	Oregon	20%	$22,419
26	Washington	20%	$25,127
31	Illinois	19.8%	$27,286
31	Indiana	19.8%	$23,804
31	Michigan	19.8%	$24,616
31	Ohio	19.8%	$23,470
31	Wisconsin	19.8%	$23,900
36	Iowa	19.6%	$23,696
36	Kansas	19.6%	$25,678
36	Minnesota	19.6%	$29,235
36	Missouri	19.6%	$25,930
36	Nebraska	19.6%	$26,510
36	North Dakota	19.6%	$26,735
36	South Dakota	19.6%	$26,693
43	New Jersey	18.1%	$25,588
43	New York	18.1%	$25,139
43	Pennsylvania	18.1%	$21,534
46	Connecticut	17%	$25,321
46	Maine	17%	$20,420
46	Massachusetts	17%	$26,660
46	New Hampshire	17%	$25,205
46	Rhode Island	17%	$21,766
46	Vermont	17%	$21,531

* Rounded values for better visualization.