Old Dominion News

As of August 2024, Virginia experienced a 21.7% increase in prices of goods and services since January 2021, surpassing the national average of 20.3%, according to the latest data from the United States Congress Joint Economic Committee.

This rate indicates a significant rise in the overall cost of goods and services, resulting in an additional monthly cost of $1,158.

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	Total Inflation Rate (January 2021 to August 2024)	Extra Spending per Household (January 2021 to August 2024)
1	Arizona	22.1%	$33,823
1	Colorado	22.1%	$38,051
1	Idaho	22.1%	$30,979
1	Montana	22.1%	$32,051
1	Nevada	22.1%	$33,740
1	New Mexico	22.1%	$29,216
1	Utah	22.1%	$36,927
1	Wyoming	22.1%	$32,955
9	Delaware	21.7%	$31,483
9	District of Columbia	21.7%	$42,933
9	Florida	21.7%	$32,468
9	Georgia	21.7%	$28,502
9	Maryland	21.7%	$32,065
9	North Carolina	21.7%	$26,971
9	South Carolina	21.7%	$26,208
9	Virginia	21.7%	$30,688
9	West Virginia	21.7%	$23,563
18	Alabama	21.3%	$25,123
18	Kentucky	21.3%	$24,915
18	Mississippi	21.3%	$23,404
18	Tennessee	21.3%	$26,341
22	Iowa	20.9%	$26,680
22	Kansas	20.9%	$28,913
22	Minnesota	20.9%	$32,917
22	Missouri	20.9%	$29,196
22	Nebraska	20.9%	$29,850
22	North Dakota	20.9%	$30,103
22	South Dakota	20.9%	$30,055
29	Illinois	20.5%	$30,683
29	Indiana	20.5%	$26,768
29	Michigan	20.5%	$27,681
29	Ohio	20.5%	$26,392
29	Wisconsin	20.5%	$26,876
34	Arkansas	20.4%	$22,080
34	Louisiana	20.4%	$24,841
34	Oklahoma	20.4%	$22,963
34	Texas	20.4%	$28,921
38	Alaska	19.6%	$33,089
38	California	19.6%	$33,232
38	Hawaii	19.6%	$32,132
38	Oregon	19.6%	$25,279
38	Washington	19.6%	$28,334
43	New Jersey	18.9%	$29,047
43	New York	18.9%	$28,537
43	Pennsylvania	18.9%	$24,445
46	Connecticut	17.2%	$28,647
46	Maine	17.2%	$23,102
46	Massachusetts	17.2%	$30,161
46	New Hampshire	17.2%	$28,515
46	Rhode Island	17.2%	$24,625
46	Vermont	17.2%	$24,359

* Rounded values for better visualization.