WASHINGTON, D.C. — Today, Joint Economic Committee Vice Chairman David Schweikert issued the following statement after the U.S. Bureau of Labor Statistics released its July Consumer Price Index (CPI) report showing that consumer prices increased 0.2% month-over-month and 2.9% year-over-year. Cumulative CPI inflation (not seasonally adjusted) is now up 20.2% since President Biden and Vice President Harris took office.  

“Though hardworking Americans received positive news this morning that inflation continued to slow in July, overall prices are still up more than 20% and real average weekly earnings are down 3.9% since the beginning of the Biden-Harris administration,” said Vice Chairman Schweikert. “From Day One, this administration’s radical agenda has been a rubber stamp for growth-slowing tax hikes and runaway inflationary spending that have dramatically reduced Americans' purchasing power and standard of living. It’s no wonder that consumers have declining confidence in President Biden and Vice President Harris to improve their financial standing after three-and-a-half years of economic calamity.”

Background on the July CPI report:

• According to the JEC State Inflation Tracker, the average U.S. household was forced to spend $1,095 more in July, or $13,138 more per year, to maintain the same consumption basket they had in January 2021.
• Headline CPI-U inflation increased 0.2% m/m and 2.9% y/y.
• Core CPI-U inflation increased 0.2% m/m and 3.2% y/y.
• Since January 2021:
• Headline CPI-U inflation has increased 20.2%.
• Core CPI-U inflation has increased 18.3%.
• The food price index has increased 22%.
• The energy price index has increased 40.2%.
• Real average weekly earnings for all employees have decreased by 3.9%.

Joint Economic Committee Republicans State Inflation Tracker					Aug 14, 2024
The additional monthly cost for the average U.S. household since January 2021
Rank	State	Food	Shelter	Energy	Overall
1	District of Columbia	$189	$399	$189	$1,618
2	Colorado	$170	$308	$149	$1,326
3	Utah	$165	$299	$144	$1,286
4	California	$184	$283	$147	$1,250
5	Alaska	$183	$282	$146	$1,245
6	Minnesota	$160	$216	$133	$1,234
7	Florida	$143	$302	$143	$1,224
8	Hawaii	$178	$274	$142	$1,209
9	Maryland	$141	$298	$141	$1,209
10	Delaware	$138	$292	$138	$1,187
11	Arizona	$151	$274	$132	$1,178
12	Nevada	$151	$273	$132	$1,175
13	Virginia	$135	$285	$135	$1,157
14	Massachusetts	$139	$278	$139	$1,153
15	New Jersey	$166	$257	$120	$1,151
16	Wyoming	$148	$267	$129	$1,148
17	Illinois	$170	$237	$135	$1,143
18	New York	$163	$252	$118	$1,130
19	North Dakota	$147	$198	$121	$1,128
20	South Dakota	$146	$198	$121	$1,126
21	Nebraska	$145	$196	$120	$1,119
22	Montana	$144	$260	$125	$1,117
	United States	$148	$241	$129	$1,095
23	Connecticut	$132	$264	$132	$1,095
24	Missouri	$142	$192	$118	$1,094
25	New Hampshire	$132	$262	$131	$1,090
26	Kansas	$141	$190	$117	$1,083
27	Idaho	$139	$251	$121	$1,079
28	Georgia	$125	$265	$125	$1,074
29	Washington	$157	$242	$125	$1,066
30	Texas	$143	$198	$144	$1,041
31	Michigan	$153	$214	$122	$1,031
32	New Mexico	$131	$237	$114	$1,018
33	Tennessee	$148	$186	$123	$1,017
34	North Carolina	$119	$251	$119	$1,017
35	Wisconsin	$149	$207	$118	$1,001
36	Iowa	$130	$175	$108	$1,000
37	Indiana	$148	$206	$118	$997
38	South Carolina	$115	$243	$115	$988
39	Ohio	$146	$204	$116	$983
40	Alabama	$142	$178	$117	$970
41	Pennsylvania	$140	$216	$101	$968
42	Kentucky	$140	$176	$116	$962
43	Oregon	$140	$215	$112	$951
44	Rhode Island	$114	$227	$114	$941
45	Vermont	$113	$224	$112	$931
46	Mississippi	$132	$165	$109	$904
47	Louisiana	$123	$170	$123	$895
48	West Virginia	$104	$219	$104	$888
49	Maine	$107	$213	$107	$883
50	Oklahoma	$114	$157	$114	$827
51	Arkansas	$109	$151	$110	$795

Source: Bureau of Labor Statistics, Joint Economic Committee Republicans State Inflation Tracker

Website: JEC Republicans State Inflation Tracker

Underlying data: JEC Republicans State Inflation Tracker Underlying Data

Methodology: JEC Republicans State Inflation Tracker Methodology

Click here to view JEC Republicans’ full report on July CPI data.

Click here to view the updated State Inflation Tracker to find July’s inflation estimates for each state.