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Thursday, October 31, 2024

Report: Average PA household has spent $3,500 more on energy costs due to inflation since 2021

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President Joe Biden (D) | X

President Joe Biden (D) | X

The average Pennsylvania household has spent $3,507 more on energy costs due to inflation since January 2021, the month the Biden Administration took office.

That's according to a new report from the United States Congress Joint Economic Committee

Households in the Keystone State are spending, on average, "$88 more per on energy per month" compared to January 2021, said the report. 

Overall, the average household in Pa. has spent $25,448 in extra costs due to inflation since January 2021.

As of September 2024, Pennsylvania experienced a 19.2% increase in prices of goods and services since January 2021, below the national average of 20.5%, according to the latest data from the United States Congress Joint Economic Committee.

These prices resulted in an additional monthly cost of $1,003 per household. 

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.

Comparison of Pennsylvania Inflation Costs by Sector for September 2024: Increase Since January 2021
Total InflationTransportationShelterFoodEnergy$1,003$1,003$247$247$230$230$145$145$87$87

Cost of Living: State-by-State Inflation Comparison from January 2021 to September 2024
RankStateTotal Inflation Rate (January 2021 to September 2024)Extra Spending per Household (January 2021 to September 2024)
1Arizona22.1%$35,021
1Colorado22.1%$39,399
1Idaho22.1%$32,076
1Montana22.1%$33,187
1Nevada22.1%$34,935
1New Mexico22.1%$30,251
1Utah22.1%$38,235
1Wyoming22.1%$34,122
9Delaware21.8%$32,673
9District of Columbia21.8%$44,556
9Florida21.8%$33,696
9Georgia21.8%$29,580
9Maryland21.8%$33,277
9North Carolina21.8%$27,991
9South Carolina21.8%$27,199
9Virginia21.8%$31,849
9West Virginia21.8%$24,454
18Alabama21.8%$26,122
18Kentucky21.8%$25,906
18Mississippi21.8%$24,335
18Tennessee21.8%$27,388
22Iowa20.9%$27,698
22Kansas20.9%$30,016
22Minnesota20.9%$34,173
22Missouri20.9%$30,309
22Nebraska20.9%$30,988
22North Dakota20.9%$31,251
22South Dakota20.9%$31,201
29Arkansas20.5%$22,872
29Louisiana20.5%$25,733
29Oklahoma20.5%$23,787
29Texas20.5%$29,959
33Illinois20.5%$31,827
33Indiana20.5%$27,766
33Michigan20.5%$28,713
33Ohio20.5%$27,376
33Wisconsin20.5%$27,878
38Alaska20%$34,359
38California20%$34,508
38Hawaii20%$33,365
38Oregon20%$26,250
38Washington20%$29,422
43New Jersey19.2%$30,238
43New York19.2%$29,707
43Pennsylvania19.2%$25,448
46Connecticut17.6%$29,783
46Maine17.6%$24,019
46Massachusetts17.6%$31,357
46New Hampshire17.6%$29,646
46Rhode Island17.6%$25,602
46Vermont17.6%$25,325
* Rounded values for better visualization.

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