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The Common Sense Institute’s “Inflation Misery Index” said that inflation continues to have a stinging impact on Arizonans’ wallets.
According to the report, Arizonans spend $9,996 more each year compared to 2019. When adjusted for the usually expected 2% inflation yearly, it’s still a $6,276 difference. The report adds that 24% of the average Grand Canyon State’s household income was eaten up by inflation, or roughly $25,000.
“The prolonged period of high inflation has taken a serious toll on the financial stability of Arizona’s households,” Zachary Milne, Senior Economist and Research Analyst for CSI, said in a statement. “Our findings highlight not only the immediate increase in costs for essential goods and services but also the long-term decline in purchasing power. As inflation continues to outpace income growth, many Arizonans are facing tough financial choices to maintain their standard of living.”
Notably, the report says that housing and food have seen the biggest price hikes with $6,900 and $4,371 average increases, respectively. Other categories such as “recreation” and gas also had significant hikes over the past few years, and the misery index is considered to be at a much higher level than it was during the Great Recession in 2008 and 2009.
Inflation in the Phoenix Metropolitan Area cooled down to a 2.3% year-over-year increase as of August 2024. In Aug. 2022, inflation hit 13% year-over-year in Phoenix and slowly declined afterward, according to U.S. Bureau of Labor Statistics data.
Despite a much cooler inflation rate, the report dubbed it “insufficient” to make life more affordable alone, as the hit has already been taken with higher prices across the board.
2 thoughts on “Report: Arizona households paying nearly $10K more a year due to inflation – The Center Square”
Inflation has hit this senior extra hard in my costs of insurance both home and auto. Homeowners policy doubled. And auto up 50% now W/O collision on my car. Hair cuts under Trump; $10 on senior day. Now, $18 any day. But the blame rests with the Democrat congress and the politicized federal reserve governors. Rather than standing firm and holding onto proven methods of keeping credit functions and inflation in check a long term near “0” interest rate, billions for lending were wasted as corporations bought back stock and borrowed heavily because the costs were so low.
Since the so-called pandemic congress has yielded to both Trump and Biden administrations in massive over spending which continues today. Thus, the value of each dollar has declined 20% or more resulting in 20% or more higher prices. Todays 2.3 % rate must be added to the already 20-30% for a crushing load primarily on the working poor. Most all renters of housing have been hurt most of all as new construction and existing home sales have been bought by investor groups driving rents up even higher.
We MUST elect Donald Trump and a majority R congress to reverse our fiscal policies. Only opening up all energy sources will reduce current costs of almost everything we buy. This election is critical to keep all of America strong, and to keep our freedoms as guaranteed by our constitution. Our constitutional protections are currently being shredded by the Biden-Harris administration and will only become worse with a Harris-Walz carrying out Obama’s “remaking of America”. We must not let this happen. M A G A
And you can bet your “bottom” dollar that it is just the beginning if Harris gets into office. This year $10,000 more, try doubling that next year. All of the free handout programs that the democrats are giving and the future free rides for everyone, someone has to pay for this and it’s the responsible Americans who have worked and saved so a political party can destroy our American dream. The democrats are brings out their sharp knives now that the election is close and the real dirty tricks are going to start now. Let all pray that God will place his hand on justice.
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