In 2023, U.S. inflation eased but has remained high, with some states already at the Federal Reserve’s 2% goal while others are still struggling. The latest consumer price index report is expected to show yearly inflation at 3.4%, down from a high of 9.1% in June 2022. Florida has the highest inflation at about 4% while Pennsylvania has the lowest at about 1.8%.
States in the Northeast and Midwest have lower inflation rates while states in the South and West have higher rates due to increased demand and prices, especially for housing. The pandemic intensified migration trends, with people moving to smaller towns for lower costs.
Swing states like Pennsylvania, Wisconsin, and Michigan may see lower inflation rates which can impact the upcoming presidential election. On the other hand, Georgia and Arizona still struggle with relatively high inflation.
Some states with the highest annual inflation rates include Florida, Tennessee, and Virginia, while states with the lowest rates include Pennsylvania, Maine, and New Hampshire. Factors such as population trends, job opportunities, and housing prices contribute to differences in inflation rates among states. Ultimately, the impact of inflation on residents’ perceptions is influenced by cumulative price increases since early 2021.
Photo credit
www.usatoday.com
