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 August Consumer Price Index (CPI) report showing that consumer prices increased 0.2 percent month-over-month and 2.5 percent year-over-year. Cumulative CPI inflation (not seasonally adjusted) is up 20.3 percent since President Biden and Vice President Harris took office.

“Despite inflation taking another step in the right direction, today’s inflation report reveals that prices are still crushing American families,” said Vice Chairman Schweikert. “Cumulative inflation is up 20.3 percent under the Biden-Harris administration — amounting to $1,100 in increased monthly costs for the average U.S. household. Core inflation has stalled at last month’s rate of 3.2 percent year-over-year, still well above 2 percent. On top of that, shelter prices are growing even faster than both core and headline inflation – up 5.2 percent since last year. Meanwhile, Americans’ paychecks have not kept pace with inflation by several metrics. Yet President Biden and Vice President Harris continue to distort the truth by claiming that Americans are better off than they were three-and-a-half years ago. The American people see right through this charade. The administration’s failed economic policies are to blame.”

Background on the August CPI report:

• According to the JEC State Inflation Tracker, the average U.S. household was forced to spend $1,100 more in August, or $13,202 more per year, to maintain the same consumption basket they had in January 2021.
• Headline CPI-U inflation increased 0.2 percent m/m and 2.5 percent y/y.
• Core CPI-U inflation increased 0.3 percent m/m and 3.2 percent y/y.
• Since January 2021:
• Headline CPI-U inflation has increased 20.3 percent.
• Core CPI-U inflation has increased 18.6 percent.
• The food price index has increased 22.1 percent.
• The energy price index has increased 37.7 percent.
• Real average weekly earnings for all employees have decreased 3.4 percent.
• Real average weekly earnings for production and non-supervisory employees have decreased 1.9 percent.

Joint Economic Committee Republicans State Inflation Tracker					Sep 11, 2024
The increased monthly costs faced by the average U.S. households in each state relative to January 2021
Rank	State	Food	Shelter	Energy	Overall
1	District of Columbia	$187	$404	$178	$1,620
2	Colorado	$172	$318	$147	$1,348
3	Utah	$167	$308	$143	$1,309
4	Minnesota	$160	$229	$137	$1,257
5	California	$186	$286	$141	$1,250
6	Alaska	$185	$285	$140	$1,244
7	Florida	$142	$306	$135	$1,225
8	Maryland	$140	$302	$133	$1,210
9	Hawaii	$180	$277	$136	$1,208
10	Arizona	$153	$282	$131	$1,199
11	Nevada	$153	$282	$131	$1,196
12	Delaware	$137	$296	$131	$1,188
13	Massachusetts	$140	$288	$130	$1,170
14	New Jersey	$167	$267	$111	$1,170
15	Wyoming	$149	$275	$128	$1,168
16	Virginia	$134	$289	$127	$1,158
17	North Dakota	$146	$210	$125	$1,150
18	New York	$164	$262	$109	$1,149
19	South Dakota	$146	$209	$125	$1,148
20	Illinois	$169	$240	$127	$1,143
21	Nebraska	$145	$208	$124	$1,140
22	Montana	$145	$267	$124	$1,136
23	Missouri	$142	$203	$121	$1,115
24	Connecticut	$133	$274	$123	$1,111
25	New Hampshire	$132	$272	$123	$1,106
26	Kansas	$140	$201	$120	$1,104
	U.S. Average	$149	$246	$121	$1,100
27	Idaho	$140	$259	$120	$1,098
28	Georgia	$124	$268	$118	$1,075
29	Washington	$158	$244	$120	$1,065
30	New Mexico	$132	$244	$113	$1,035
31	Texas	$144	$204	$120	$1,033
32	Michigan	$153	$216	$115	$1,032
33	Tennessee	$154	$191	$113	$1,023
34	Iowa	$130	$186	$111	$1,019
35	North Carolina	$118	$254	$112	$1,017
36	Wisconsin	$148	$210	$112	$1,002
37	Indiana	$148	$209	$111	$997
38	South Carolina	$114	$247	$109	$989
39	Pennsylvania	$140	$225	$94	$984
40	Ohio	$146	$206	$110	$983
41	Alabama	$147	$182	$108	$976
42	Kentucky	$146	$180	$107	$968
43	Rhode Island	$114	$235	$106	$955
44	Oregon	$141	$218	$107	$951
45	Vermont	$113	$233	$105	$945
46	Mississippi	$137	$169	$100	$909
47	Maine	$107	$221	$99	$896
48	West Virginia	$103	$222	$98	$889
49	Louisiana	$123	$175	$103	$887
50	Oklahoma	$114	$162	$96	$820
51	Arkansas	$110	$156	$92	$788

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

Website: JEC State Inflation Tracker Dashboard

Underlying data: JEC State Inflation Tracker Underlying Data

Methodology: JEC State Inflation Tracker Methodology.

Ranked cumulative inflation across all major expenditure categories since January 2021:

 

Ranked cumulative inflation indexes since January 2021:

Food Inflation:

Energy Inflation:

Transportation Inflation:

Household Commodities Inflation:

Household Services Inflation:

Click here to view the Joint Economic Committee Republicans’ full report on August CPI data.

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