Posted 12/20/2023, 11:00:00 AM
Inflation Drives $11K Increase in Cost of Living for Americans; West Hit Hardest by Housing and Transportation
- Americans need an extra $11,280 today versus 2021 to afford necessities like food, shelter, transportation due to high inflation
- Arizona, Utah, and Colorado households hit hardest - needing to spend $12,891, $14,074, and $14,502 more respectively
- Transportation is the biggest increased spending category across all 3 states
- Housing shortages and rising home values, especially in Arizona and Utah, also driving costs up
- Biden administration challenges analysis saying households have higher incomes now versus 2020