On Wednesday, the Joint Economic Committee released inflation reports for all 50 states. Indiana’s report found Hoosiers are still struggling under the weight of the inflation crisis.
President Biden this week released his proposed budget, a more than $7 trillion proposal that quickens the pace of the country on the path to $52 trillion in debt.
Braun
“Hoosiers don’t need economists to tell them that everything has gotten more expensive since President Biden started his historic inflation bomb spending spree, but the numbers are staggering,” U.S. Senator Mike Braun (R-Ind.) said. “I’ve been the loudest Senator warning about what this spending would do to Hoosier household budgets, and I’ve been proud to vote against the Biden spending binge every time.”
Here are the key findings from the JEC Indiana Report:
- Using the February 2024 Consumer Price Index data release by the Bureau of Labor Statistics, the Joint Economic Committee (JEC) State Inflation Tracker estimates that the average household in Indiana is paying $876 more per month to purchase the same basket of goods and services as in January 2021.
- Cumulatively, the average Indiana household has spent $20,974 more due to inflation since January 2021.
- Compared to one year earlier, the average Indiana households needs to spend $147 more per month to maintain the same standard of living.
Here are key findings on increases in household food expenses, shelter expense, energy expenses, and transportation expenses:
- Compared to January 2021, the average household in Indiana is spending $143 more on food per month. This is $19 more each month than one year ago. Cumulatively, the average household in Indiana has spent $3,164 more on food due to inflation since January 2021.
- Compared to January 2021, the average household in Indiana is spending $169 more on shelter per month. This is $57 more each month than one year ago. Cumulatively, the average household in Indiana has spent $3,078 more on shelter due to inflation since January 2021.
- Compared to January 2021, the average household in Indiana is spending $91 more on energy per month. This is $9 less each month than one year ago. Cumulatively, the average household in Indiana has spent $3,751 more on energy due to inflation since January 2021.
- Compared to January 2021, the average household in Indiana is spending $252 more on transportation per month. This is $19 more each month than one year ago. Cumulatively, the average household in Indiana has spent $8,064 more on transportation due to inflation since January 2021.
Click here to read the full report, which also includes charts.