The U.S. economy has experienced historic inflation over the past five years, resulting in a collective increase in the cost of living by 23.6% since February 2020. Despite recent slows in the pace of price rises, Americans still grapple with the ongoing effects of this inflation. Moreover, while inflation impacts all citizens, the cost of living significantly varies by local area, influenced by factors like supply and demand dynamics, especially in desirable locations or regions with limited resources.
The cumulative effects of historic inflation have increased the overall cost of living in the United States by 23.6% since February 2020.
Consumer prices can vary considerably at the local level, leading to significant disparities in costs for the same goods and services across the country.
Price variations are driven largely by supply and demand, with desirable locations experiencing higher costs due to limited availability.
Across 50 states, consumer prices are reported to range from about 13.5% less expensive to 12.6% more expensive than the national average.
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