Vice Chairman Schweikert on May Inflation Report

June 12, 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 May Consumer Price Index (CPI) report showing that consumer prices increased 0.01% month-over-month and 3.3% year-over-year. Cumulative CPI inflation (not seasonally adjusted) is now up 20.1% since President Biden took office.

“For more than 3.5 years, American families have dealt with soaring prices that have put a strain on their wallets costing $1,085 more each month,” said Vice Chairman Schweikert. “Despite a positive print, inflation has remained above the Fed’s 2% target rate for 38 consecutive months while President Biden continues to turn a blind eye to families struggling to put food on the table. It’s time for the Biden administration to abandon its failed economic policies and stop the reckless spending that’s caused heartburn for so many hardworking Americans for far too long.”

Background on the May CPI report:

According to the JEC State Inflation Tracker, the average U.S. household was forced to spend $1,085 more in May to maintain the same consumption basket they had in January 2021.
Headline CPI-U inflation increased 0.01% m/m and 3.3% y/y.
Core CPI-U inflation increased 0.16% m/m and 3.4% y/y.
Since January 2021:

Headline CPI-U inflation has increased 20.1%.
Core CPI-U inflation has increased 18.1%.
The food price index has increased 21.5%.
The energy price index has increased 41.3%.
Real average weekly earnings for all employees have decreased 3.9%.

Joint Economic Committee Republicans State Inflation Tracker					Jun 12, 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	$385	$188	$1,591
2	Colorado	$170	$307	$183	$1,354
3	Utah	$165	$298	$177	$1,314
4	California	$181	$278	$178	$1,275
5	Alaska	$180	$277	$177	$1,269
6	Hawaii	$175	$269	$172	$1,232
7	Arizona	$151	$273	$162	$1,204
8	Florida	$140	$291	$142	$1,203
9	Nevada	$151	$272	$162	$1,201
10	Maryland	$138	$288	$140	$1,188
11	Minnesota	$155	$205	$110	$1,174
12	Wyoming	$147	$266	$158	$1,173
13	Delaware	$136	$282	$138	$1,167
14	Massachusetts	$137	$270	$139	$1,155
15	Montana	$143	$258	$154	$1,140
16	Virginia	$133	$275	$134	$1,137
17	New Jersey	$161	$244	$111	$1,121
18	Illinois	$165	$224	$133	$1,105
19	Idaho	$138	$250	$149	$1,102
20	New York	$158	$239	$109	$1,101
21	Connecticut	$130	$257	$132	$1,097
22	New Hampshire	$130	$256	$131	$1,092
23	Washington	$154	$237	$152	$1,087
	U.S. Average	$145	$233	$132	$1,085
24	North Dakota	$142	$187	$101	$1,074
25	South Dakota	$142	$187	$100	$1,072
26	Nebraska	$141	$186	$100	$1,065
27	Georgia	$123	$256	$125	$1,056
28	Texas	$139	$195	$136	$1,046
29	Missouri	$138	$182	$98	$1,041
30	New Mexico	$131	$235	$140	$1,040
31	Kansas	$136	$180	$97	$1,031
32	Tennessee	$139	$183	$117	$1,010
33	North Carolina	$116	$242	$118	$1,000
34	Michigan	$149	$202	$120	$996
35	South Carolina	$113	$235	$115	$971
36	Oregon	$138	$212	$136	$969
37	Wisconsin	$145	$197	$117	$967
38	Indiana	$144	$196	$116	$964
39	Alabama	$133	$174	$111	$963
40	Kentucky	$132	$173	$110	$955
41	Iowa	$126	$166	$89	$952
42	Ohio	$142	$193	$115	$950
43	Rhode Island	$112	$221	$113	$943
44	Pennsylvania	$135	$205	$93	$943
45	Vermont	$111	$218	$112	$933
46	Louisiana	$120	$168	$117	$898
47	Mississippi	$124	$163	$104	$897
48	Maine	$105	$207	$106	$885
49	West Virginia	$102	$211	$103	$873
50	Oklahoma	$111	$155	$108	$830
51	Arkansas	$106	$149	$104	$798