Report: Inflation impacting Minnesotans more than national average

Americans have had their incomes hit hard by inflation over the last three years, as Figure 1 shows, with the annual change in the Consumer Price Index rising from 1.4% in January 2021 to a peak of 8.9% in June 2022, the highest rate since November 1981.

Figure 1

Data released by the Joint Economic Committee of Congress shows that Minnesotans have been hit harder than average. WCCO reports:

New numbers from the federal government show the average American needs nearly $11,500 in additional funds just to maintain the same standard of living they enjoyed in 2021.

Inflation continues to hit Americans’ bank accounts hard, and Minnesotans need more than the average. The Joint Economic Committee says Minnesotans need nearly $13,000 to afford the same standard of living they had just a couple of years [ago].

Last month, Minn Post reported:

Far more Minnesotans are concerned about inflation and the rising cost of living than the possibility of a woman’s right to abortion being taken away, according to a new MinnPost/Embold Research poll.

…

While inflation is cooling, Minnesotans said rising prices are top of mind.

When asked what issues were of highest priority, 60% of poll respondents cited the rising cost of groceries and gas and 40% said it was the Supreme Court’s overturning of Roe v. Wade and the possibility state governments would ban abortion.

…

By a large majority, 72%, poll respondents said their income is falling behind the cost of living, 22% said it was staying even with the cost of living and only 3% said it exceeded the cost of living. There was no change from the 2022 poll on that question. 

This latest data indicate why.