Saturday, Sep. 24, 2022
Has Nevada experienced 15% inflation since January 2021?
According to a July 2022 report by the U.S.Congressional Joint Economic Committee, Nevada has experienced total inflation of 15.4% since January 2021, when President Biden began his term in office. This rate is the fifth highest among all states and translates to a monthly cost increase of $831 per Nevada family.
The items with the greatest cost increases are transportation ($364), energy ($199), shelter ($142) and food ($95). While the underlying causes of current inflation are debated, commonly cited factors include Federal Reserve monetary policy, pandemic-related supply chain problems, increased post-pandemic demand for goods and services, government stimulus spending and the war in Ukraine.
This fact brief is responsive to conversations such as this one.
Sources
- US Congress Joint Economic Committee State Inflation Tracker July 2022
- NBC News What is causing inflation? Economists point fingers at different culprits
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