Volunteer State News

As of March 2024, Tennessee experienced a 20% increase in prices of goods and services since January 2021, compared to the nationwide trend of a 19.4% increase. According to the latest data from the United States Congress Joint Economic Committee, the total monthly inflation rate in Tennessee stood at 20%, surpassing the national rate.

This rate indicates a significant rise in the overall cost of goods and services, resulting in an additional monthly cost of $963.

The persistent increase in inflation has been driven by various factors, including supply chain disruptions, increased demand, and higher production costs. This overall rise in prices has placed additional financial strain on households across the state, making everyday expenses more challenging to manage.

In 2022, the high rates of inflation significantly reduced the real value of American wages, leading to widespread financial concerns, according to Statista. Many Americans expressed anxiety over the economy and reported worsening financial conditions. The inflation crisis in the United States, mirrored globally, was largely driven by COVID-19-related supply chain disruptions and the impact of the Russian invasion of Ukraine.

In June 2022, the U.S. monthly inflation rate soared to a 40-year high of 9.1%, with annual inflation for the year reaching 8%. Without corresponding wage increases, Americans will continue to experience a decline in purchasing power. Since then, inflation has been cooling at a slow pace, but it still hovers above pre-pandemic levels. In June 2024, it reached 3%, with American families facing a CPI more than 20% higher than in January 2020.

Rank	State	March 2024 Total Inflation Rate Since January 2021	Extra Spending per Household (January 2021 to March 2024)
1	Arizona	21.6%	$27,850
1	Colorado	21.6%	$31,332
1	Idaho	21.6%	$25,508
1	Montana	21.6%	$26,391
1	Nevada	21.6%	$27,782
1	New Mexico	21.6%	$24,057
1	Utah	21.6%	$30,406
1	Wyoming	21.6%	$27,135
9	Delaware	21.2%	$25,608
9	District of Columbia	21.2%	$34,921
9	Florida	21.2%	$26,409
9	Georgia	21.2%	$23,183
9	Maryland	21.2%	$26,081
9	North Carolina	21.2%	$21,937
9	South Carolina	21.2%	$21,317
9	Virginia	21.2%	$24,961
9	West Virginia	21.2%	$19,165
18	Arkansas	20.4%	$18,105
18	Louisiana	20.4%	$20,370
18	Oklahoma	20.4%	$18,830
18	Texas	20.4%	$23,716
22	Alabama	20%	$20,297
22	Kentucky	20%	$20,129
22	Mississippi	20%	$18,909
22	Tennessee	20%	$21,281
26	Alaska	19.2%	$26,813
26	California	19.2%	$26,930
26	Hawaii	19.2%	$26,038
26	Oregon	19.2%	$20,485
26	Washington	19.2%	$22,960
31	Iowa	18.9%	$21,800
31	Kansas	18.9%	$23,624
31	Minnesota	18.9%	$26,896
31	Missouri	18.9%	$23,855
31	Nebraska	18.9%	$24,389
31	North Dakota	18.9%	$24,596
31	South Dakota	18.9%	$24,557
38	Illinois	18.8%	$25,094
38	Indiana	18.8%	$21,892
38	Michigan	18.8%	$22,639
38	Ohio	18.8%	$21,585
38	Wisconsin	18.8%	$21,981
43	New Jersey	17%	$23,382
43	New York	17%	$22,971
43	Pennsylvania	17%	$19,677
46	Connecticut	16.2%	$23,152
46	Maine	16.2%	$18,671
46	Massachusetts	16.2%	$24,376
46	New Hampshire	16.2%	$23,046
46	Rhode Island	16.2%	$19,902
46	Vermont	16.2%	$19,687

* Rounded values for better visualization.