(The Center Square) – Michigan has seen less inflation than most states in the nation, ranking 33rd for increased monthly inflation costs compared to January 2021.
This is according to the November inflation report from the U.S. Senate Joint Economic Committee.
In Michigan, the average household is paying $1,025 more per month to buy the same basket of goods and services as in January 2021.
This is much less than in Colorado, which ranks first in the nation for increased monthly inflation costs, with the average citizen paying $1,332 more per month to purchase the same goods.
Cumulatively, the average Michigan household has spent $30,769 more due to inflation in the past few years, while also needing to spend $161 more per month to maintain the same standard of living.
While Michigan ranks 33rd in the nation, many states saw similar rates of inflation. For example, while Michigan did see a 20.4% increase in cumulative inflation, Colorado’s was 21.9%, or only 1.5% higher.
The inflation report additionally looked at four essential spending categories: food, shelter, transportation, and energy.
Transportation expenses saw the highest increase over 2021, with Michiganders spending an average of $267 more on transportation per month.
That expense has remained fairly constant over the last years, while energy costs have actually dropped from a significant spike in 2022. Food and shelter expenses continue to trend steadily upwards.
Michigan also fared fairly well on a recent report from the U.S. Bureau of Economic Analysis, which found that Michigan had just a 0.4% increase in real personal consumption expenditures from 2022 to 2023.
Yet, income growth in the state is not keeping up with either inflation or the national average. According to the same report, real personal income in Michigan increased by 1%, less than the national average of 2.1%.
