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Friday, November 22, 2024

South Carolina inflation rate outpaces national average as of July 2024

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South Carolina Governor Henry Dargan McMaster | governor.sc.gov/governors-biography

South Carolina Governor Henry Dargan McMaster | governor.sc.gov/governors-biography

As of July 2024, South Carolina experienced a 21.7% increase in prices of goods and services since January 2021, surpassing the national average of 20.2%, according to the latest data from the United States Congress Joint Economic Committee.

This rate indicates a significant rise in the overall cost of goods and services, resulting in an additional monthly cost of $988.

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 South Carolina Inflation Costs by Sector for July 2024: Increase Since January 2021
Total InflationTransportationShelterEnergyFood$987$987$254$254$243$243$115$115$115$115

Cost of Living: State-by-State Inflation Comparison from January 2021 to July 2024
RankStateTotal Inflation Rate (January 2021 to July 2024)Extra Spending per Household (January 2021 to July 2024)
1Arizona21.8%$32,625
1Colorado21.8%$36,703
1Idaho21.8%$29,881
1Montana21.8%$30,915
1Nevada21.8%$32,544
1New Mexico21.8%$28,181
1Utah21.8%$35,618
1Wyoming21.8%$31,787
9Delaware21.7%$30,295
9District of Columbia21.7%$41,313
9Florida21.7%$31,243
9Georgia21.7%$27,427
9Maryland21.7%$30,855
9North Carolina21.7%$25,953
9South Carolina21.7%$25,219
9Virginia21.7%$29,531
9West Virginia21.7%$22,674
18Alabama21.2%$24,147
18Kentucky21.2%$23,947
18Mississippi21.2%$22,495
18Tennessee21.2%$25,318
22Arkansas20.6%$21,291
22Louisiana20.6%$23,954
22Oklahoma20.6%$22,143
22Texas20.6%$27,889
26Iowa20.5%$25,662
26Kansas20.5%$27,809
26Minnesota20.5%$31,660
26Missouri20.5%$28,081
26Nebraska20.5%$28,710
26North Dakota20.5%$28,953
26South Dakota20.5%$28,907
33Illinois20.5%$29,540
33Indiana20.5%$25,771
33Michigan20.5%$26,650
33Ohio20.5%$25,409
33Wisconsin20.5%$25,875
38Alaska19.6%$31,844
38California19.6%$31,983
38Hawaii19.6%$30,923
38Oregon19.6%$24,328
38Washington19.6%$27,268
43New Jersey18.6%$27,877
43New York18.6%$27,387
43Pennsylvania18.6%$23,460
46Connecticut17%$27,536
46Maine17%$22,206
46Massachusetts17%$28,992
46New Hampshire17%$27,409
46Rhode Island17%$23,670
46Vermont17%$23,414
* Rounded values for better visualization.

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