Hawaii Inflation Update

News Release from US Senate Joint Economic Committee Republicans, September, 2024

Summary

Using the September 2024 Consumer Price Index data release by the Bureau of Labor Statistics, the Joint Economic Committee (JEC) State Inflation Tracker estimates that the average household in Hawaii is paying $1,234 more per month to purchase the same basket of goods and services as in January 2021.

Cumulatively, the average Hawaii household has spent $33,365 more due to inflation since January 2021.

Breakdown

The Census Division where Hawaii is located has seen cumulative inflation of 20.0 percent since January 2021. This is 0.5 percentage points lower than the national cumulative inflation since January 2021 of 20.5 percent.

Compared to one year earlier, the average Hawaii households needs to spend $169 more per month to maintain the same standard of living.

The JEC Inflation Tracker breaks down the increased cost to the average household in Hawaii relative to January 2021 into four essential spending categories below:

Household Food Expenses

Compared to January 2021, the average household in Hawaii is spending $183 more on food per month. This is $29 more each month than one year ago. Cumulatively, the average household in Hawaii has spent $4,878 more on food due to inflation since January 2021.

Household Shelter Expenses

Compared to January 2021, the average household in Hawaii is spending $279 more on shelter per month. This is $65 more each month than one year ago. Cumulatively, the average household in Hawaii has spent $6,146 more on shelter due to inflation since January 2021.

Household Energy Expenses

Compared to January 2021, the average household in Hawaii is spending $137 more on energy per month. This is $48 less each month than one year ago. Cumulatively, the average household in Hawaii has spent $5,759 more on energy due to inflation since January 2021.

Household Transportation Expenses

Compared to January 2021, the average household in Hawaii is spending $284 more on transportation per month. This is $10 less each month than one year ago. Cumulatively, the average household in Hawaii has spent $10,412 more on transportation due to inflation since January 2021.

PDF: Full Report with Graphs

Source: JEC Calculations using: Bureau of Economic Analysis, Personal Consumption Expenditures; Bureau of Labor Statistics, Consumer Expenditure Survey; Census Bureau; American Community Survey.

Notes: Inflation costs reflect how much more the average U.S. household must pay for the same goods and services it purchased in January 2021.

To view our full results and methodology click here.