Vice Chairman Schweikert on June Inflation Report

July 11, 2024

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 June Consumer Price Index (CPI) report showing that consumer prices decreased 0.1% month-over-month and increased 3.0% year-over-year. Cumulative CPI inflation (not seasonally adjusted) remains up 20.1% since President Biden took office.

“While a decline in prices last month is a step in the right direction, it doesn’t change the fact that Americans are paying perpetually more to fill up their gas tanks, buy groceries, and keep a roof over their heads than the day President Biden took office,” said Vice Chairman Schweikert. “After adjusting for inflation, workers are still earning less per week than they were three and a half years ago, and inflation has remained above the Fed’s 2% target for 39 consecutive months. As JEC Republicans noted in our Republican Response to the President’s Economic Report, the Biden administration has exacerbated inflation by injecting trillions in reckless spending, driving up interest rates, and obstructing economic growth. It’s clear this administration’s economic policies won’t bring relief to families anytime soon.”

Background on the June CPI report:

According to the JEC State Inflation Tracker, the average U.S. household was forced to spend $1,087 more in June, or $13,048 more per year, to maintain the same consumption basket they had in January 2021.
Headline CPI-U inflation decreased 0.1% m/m and increased 3.0% y/y.
Core CPI-U inflation increased 0.1% m/m and 3.3% y/y.
Since January 2021:

Headline CPI-U inflation has increased 20.1%.
Core CPI-U inflation has increased 18.3%.
The food price index has increased 21.7%.
The energy price index has increased 39.7%.
Real average weekly earnings for all employees have decreased 2.3%.

Joint Economic Committee Republicans State Inflation Tracker					Jul 11, 2024
The additional monthly cost for the average U.S. family since January 2021

Rank	State	Food	Shelter	Energy	Overall
1	District of Columbia	$185	$392	$184	$1,597
2	Colorado	$172	$301	$164	$1,339
3	Utah	$167	$292	$159	$1,299
4	California	$183	$280	$158	$1,260
5	Alaska	$182	$279	$158	$1,255
6	Hawaii	$177	$270	$153	$1,219
7	Florida	$140	$296	$139	$1,208
8	Maryland	$138	$292	$137	$1,193
9	Minnesota	$157	$210	$123	$1,192
10	Arizona	$153	$267	$146	$1,190
11	Nevada	$152	$267	$145	$1,187
12	Massachusetts	$138	$292	$131	$1,179
13	Delaware	$136	$287	$135	$1,171
14	Wyoming	$149	$260	$142	$1,160
15	Virginia	$132	$280	$132	$1,142
16	New Jersey	$163	$248	$116	$1,138
17	Montana	$145	$253	$138	$1,128
18	Connecticut	$131	$277	$124	$1,120
19	New York	$160	$244	$114	$1,118
20	New Hampshire	$130	$276	$124	$1,115
21	Illinois	$166	$229	$129	$1,111
22	North Dakota	$143	$192	$112	$1,090
23	Idaho	$140	$245	$133	$1,090
24	South Dakota	$143	$192	$112	$1,088
	U.S. Average	$146	$236	$127	$1,087
25	Nebraska	$142	$190	$111	$1,081
26	Washington	$156	$239	$135	$1,075
27	Georgia	$123	$260	$122	$1,060
28	Missouri	$139	$186	$109	$1,057
29	Kansas	$138	$184	$108	$1,047
30	Texas	$141	$196	$132	$1,040
31	New Mexico	$132	$231	$126	$1,028
32	Tennessee	$147	$182	$117	$1,013
33	North Carolina	$116	$246	$116	$1,003
34	Michigan	$150	$207	$116	$1,002
35	South Carolina	$113	$239	$112	$975
36	Wisconsin	$145	$201	$113	$973
37	Indiana	$145	$200	$112	$969
38	Alabama	$140	$174	$111	$966
39	Iowa	$127	$170	$100	$966
40	Rhode Island	$113	$238	$107	$963
41	Oregon	$139	$213	$120	$959
42	Kentucky	$139	$172	$111	$958
43	Pennsylvania	$137	$209	$98	$958
44	Ohio	$143	$197	$111	$956
45	Vermont	$111	$236	$106	$952
46	Maine	$106	$224	$100	$903
47	Mississippi	$130	$162	$104	$900
48	Louisiana	$121	$168	$113	$893
49	West Virginia	$102	$215	$101	$877
50	Oklahoma	$112	$155	$104	$826
51	Arkansas	$107	$149	$100	$794