Keystone Today

As of December 2024, Pennsylvania experienced a 19.2% increase in prices of goods and services since January 2021, below the national average of 20.7%, according to the latest data from the United States Congress Joint Economic Committee.

This rate indicates a significant rise in the overall cost of goods and services, resulting in an additional monthly cost of $1,000.

The persistent increase in inflation has been driven by various factors, including supply chain disruptions, increased demand, and higher production costs. This overall rise in prices has placed additional financial strain on households across the state, making everyday expenses more challenging to manage.

In 2022, the high rates of inflation significantly reduced the real value of American wages, leading to widespread financial concerns, according to Statista. Many Americans expressed anxiety over the economy and reported worsening financial conditions. The inflation crisis in the United States, mirrored globally, was largely driven by COVID-19-related supply chain disruptions and the impact of the Russian invasion of Ukraine.

In June 2022, the U.S. monthly inflation rate soared to a 40-year high of 9.1%, with annual inflation for the year reaching 8%. Without corresponding wage increases, Americans will continue to experience a decline in purchasing power. Since then, inflation has been cooling at a slow pace, but it still hovers above pre-pandemic levels. In June 2024, it reached 3%, with American families facing a CPI more than 20% higher than in January 2020.

Rank	State	Total Inflation Rate (January 2021 to December 2024)	Extra Spending per Household (January 2021 to December 2024)
1	Delaware	22.4%	$36,315
1	District of Columbia	22.4%	$49,522
1	Florida	22.4%	$37,452
1	Georgia	22.4%	$32,877
1	Maryland	22.4%	$36,986
1	North Carolina	22.4%	$31,111
1	South Carolina	22.4%	$30,230
1	Virginia	22.4%	$35,399
1	West Virginia	22.4%	$27,179
10	Alabama	22.1%	$29,164
10	Kentucky	22.1%	$28,923
10	Mississippi	22.1%	$27,169
10	Tennessee	22.1%	$30,578
14	Arizona	21.8%	$38,585
14	Colorado	21.8%	$43,408
14	Idaho	21.8%	$35,340
14	Montana	21.8%	$36,564
14	Nevada	21.8%	$38,490
14	New Mexico	21.8%	$33,329
14	Utah	21.8%	$42,125
14	Wyoming	21.8%	$37,594
22	Iowa	20.7%	$30,706
22	Kansas	20.7%	$33,275
22	Minnesota	20.7%	$37,883
22	Missouri	20.7%	$33,601
22	Nebraska	20.7%	$34,353
22	North Dakota	20.7%	$34,644
22	South Dakota	20.7%	$34,589
29	Illinois	20.6%	$35,255
29	Indiana	20.6%	$30,757
29	Michigan	20.6%	$31,805
29	Ohio	20.6%	$30,324
29	Wisconsin	20.6%	$30,881
34	Arkansas	20.5%	$25,266
34	Louisiana	20.5%	$28,426
34	Oklahoma	20.5%	$26,276
34	Texas	20.5%	$33,094
38	Alaska	20.1%	$38,187
38	California	20.1%	$38,353
38	Hawaii	20.1%	$37,082
38	Oregon	20.1%	$29,174
38	Washington	20.1%	$32,699
43	New Jersey	19.2%	$33,818
43	New York	19.2%	$33,224
43	Pennsylvania	19.2%	$28,460
46	Connecticut	17.9%	$33,219
46	Maine	17.9%	$26,789
46	Massachusetts	17.9%	$34,975
46	New Hampshire	17.9%	$33,066
46	Rhode Island	17.9%	$28,555
46	Vermont	17.9%	$28,247

* Rounded values for better visualization.