Maryland Reports Significant Increase In Stress As Inflation Reaches 40-Year High

2022-11-15

Inflation has been surging to multi-decade highs within the U.S. In line with the congressional Joint Financial Committee, costs climbed by 13.3% between January 2021 and July 2022, leading to a $717 enhance in month-to-month bills for the common American family. Pushed by quite a few elements – together with Russia’s invasion of Ukraine and provide chain constraints tied to the COVID-19 pandemic – the inflation disaster is weighing heavy on American shoppers.

Along with the significant affect historic ranges of inflation are having on family funds, they’re additionally taking a psychological toll. A latest survey performed by the U.S. Census Bureau discovered that 46.9% of American adults have discovered inflation to be “very annoying” within the final two months, and one other 27.5% have discovered it to be “reasonably annoying.” Although these shares fluctuate significantly by state.

In Maryland, a reported 39.1% of adults discover inflation “very annoying” and 28.3% discover it “reasonably annoying” – the sixth smallest and twenty fifth largest shares, respectively, among the many 50 states.

In the meantime, in response to a report from the U.S. Congress Joint Financial Committee, due to the rising price of dwelling, the common family in Maryland needed to spend $774 extra in July 2022 than in January 2021 to maintain the identical lifestyle.

All information on this story is from the JEC and the U.S. Census Bureau’s newest Family Pulse Survey, which collected information between Oct. 5 and Oct. 17, 2022 on how annoying the 18 and older inhabitants discover inflation.