It’s been reported that inflation in June reached an annualized rate of 9.1 percent across the nation.
Anyone filling their car up with gas or making a trip to the grocery store doesn’t have to be told that prices have increased, and the Congress Joint Economic Committee has been publishing a “State Inflation Tracker” to inform people how inflation is affecting prices in their state as compared to the nation.
According to the Joint Economic Committee report, prices in North Carolina have increased 13.7 percent since Jan. 2021, which results in a monthly cost increase of $641 for the average resident of the state. The report breaks that down into $64 more per month for food, $91 per month for shelter, $306 per month for transportation and $175 per month for energy.
As high as that is, according to the report North Carolinians are doing better than the average American. The average monthly increase nationwide is $718 due to inflation.
The report states, “Over the 12 month period from July 2022 through June 2023, the inflation that has already occurred will cost the average American household $8,616 even if prices stop increasing altogether.” The amount for North Carolina would be a little less.
But at this point the prediction is that inflation is going to continue to rise. The current efforts are to slow that rate of increase, but even the most optimistic forecasts don’t call for inflation to suddenly come to a screeching halt this month.
The $8,616 increase costs means that if the average American doesn’t receive a wage increase of at least $8,616 in the next year, they will be financially worse off than they were, and an income increase of $8,616 would just be enough to stay even.
Low-income households are hit harder because they spend a higher percentage of their income on shelter, energy, transportation and groceries.
We seniors don’t get an $8,000 increase in income. That didn’t phase the city and county from raising our taxes. My understanding they had a surplus of money, put raised taxes anyway. When property prices go down, will the city and county cut our taxes? Probably not
Great article. Full o’ facts. Inflation will continue to rise, otherwise, the Federal Govt cannot pay for all the freebies they are handing out. Looking at a YOY commodity chart, I am inclined to think that prices are much higher than 9% during the past year. My experience is that things that I buy are way up. “Trading Economics” has a real-time website.
For example, my favorite catfish dinner plate now contains two (smaller?) pieces, not three. They make it look like a lot by propping the catfish up with hush puppies. Why don’t they just raise their price, instead of being sneaky about it?
I feel better now.
Send all you praise and thanks to the great administration of ole slo joe and giggling harris with a small helping to over the hill pelosi with love to all you jacka$$s
If you broke out Guilford county increases, I guarantee it would be higher than that of the state. Highest taxed county in the South I have heard.
This is terrible, but statistically speaking, lower income households voted for this in 2020 – the percentage of east Greensboro voting for Biden was dramatically higher versus NW Guilford County. Look at any urban area – the poorest vote the furthest left.
Until people stop voting for terrible policy, it will continue. Of the energy they produce over their useful lives, solar panels and windmills both consume more than 35% of the total amount of energy they will produce over their entire useable life (versus something like nuclear which is at under 1%). The majority of those feeling the most pain from this inflation, driven largely by energy regulations, voted for over 1/3rd of new energy to be consumed trying to create new energy.
They voted for chaos. This was all predictable, and a majority of the people getting hurt the worst chose it for all of us. If the people voting for this won’t change how they vote, despite the self-inflicted harm, the rest of us can’t do anything about it.