Inflation's Impact on Each State

from Quote Wizard, March 1, 2022 (excerpts)

Changing economic conditions are making it more difficult for people to afford household expenses. Our team of analysts found that the number of people who said they were having a “very difficult” time paying for their usual household expenses has increased by 50% since June….

Inflation is the main reason why people are having a harder time meeting expenses. Overall inflation is up 7.5% since last year, but prices for food and fuel have gone up even more. The rise in prices has hit certain states particularly hard.

We looked at the number of people in each state who said they were having either “no difficulty,” “slight to moderate difficulty” or a “very difficult” time meeting their usual household expenses. Alaska and Nevada are two of the eight states where money matters are getting easier. In the other 41 states, the number of people who said things were “very difficult” increased by as much as 160%.

CHANGE IN DIFFICULTY MEETING HOUSEHOLD EXPENSES

We also found significant changes in the number of people who reported having “no difficulty” or “slight to moderate difficulty.” Nationwide, there was a 14% decrease in people who reported having “no difficulty” and a 10% increase in people who had “slight to moderate difficulty.”

DIFFICULTY MEETING HOUSEHOLD EXPENSES BY STATE

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