(The Center Square) – Average household spending in North Carolina is $1,017 more per month today to buy the same goods and services as it was in 2021, a new federal report says.
This means that families have a 22% increase in cumulative inflation since January 2021, putting North Carolina 1.5% higher than the national average. Over that same period, inflation has cost each household nearly $26,000 more than they would have spent.
The analysis is in a July report from the U.S. Congress Joint Economic Committee, based on data from the Bureau of Labor Statistics.
At a rally in North Carolina on Wednesday night, former President Donald Trump addressed the inflation challenging the nation.
“A lot of people are very devastated by what’s happened with inflation,” Trump said. “From the day I take the oath of office, we will rapidly drive prices down and make America affordable again.”
When Trump left office in January 2021, inflation was 1.4%. It reached a 40-year high of 9.1% in June 2022 and is 2.9% today.
Food, shelter, energy, and transportation expenses are all up in North Carolina, even from the same time last year.
Compared to 2021, the average household is spending, per month, $119 more on food, $251 more on shelter, $119 more on energy, and $262 more on transportation. This makes the state 34th in the nation for increases in monthly inflation costs.
In the past year, shelter had the biggest increase, with $54 more each month being spent as compared to the same time last year.
Lt. Gov. Mark Robinson, Republican candidate for governor, also spoke at the rally with Trump. He pointed out how inflation is affecting families around the country.
“Under Joe Biden, we see the country suffering. We see gas prices at an all-time high. Grocery prices at an all-time high,” Robinson said. “We are suffering because of bad policy. We need to get the good times back.”
The average American is having to spend significantly more each month just to sustain the same lifestyle.
“Compared to one year earlier, the average North Carolina household needs to spend $165 more per month to maintain the same standard of living,” the report said.