Inflation has been surging to multi-decade highs in the U.S. According to the congressional Joint Economic Committee, prices climbed by 13.3% between January 2021 and July 2022, resulting in a $717 increase in monthly expenses for the average American household. Driven by a number of factors – including Russia’s invasion of Ukraine and supply chain constraints tied to the COVID-19 pandemic – the inflation crisis is weighing heavy on American consumers.
In addition to the meaningful impact historic levels of inflation are having on household finances, they are also taking a psychological toll. A recent survey conducted by the U.S. Census Bureau found that 46.9% of American adults have found inflation to be “very stressful” in the last two months, and another 27.5% have found it to be “moderately stressful.” Though these shares vary considerably by state.
In New Jersey, a reported 46.5% of adults find inflation “very stressful” and 26.1% find it “moderately stressful” – the 25th smallest and 14th smallest shares, respectively, among the 50 states.
Meanwhile, according to a report from the U.S. Congress Joint Economic Committee, because of the rising cost of living, the average household in New Jersey had to spend $695 more in July 2022 than in January 2021 to keep the same standard of living.
All data in this story is from the JEC and the U.S. Census Bureau’s latest Household Pulse Survey, which collected data between Oct. 5 and Oct. 17, 2022 on how stressful the 18 and older population find inflation.
RankStateAdults who find inflation “very stressful” (%)Adults who find inflation “moderately stressful” (%)Increase in monthly spending for avg. household; Jan. 2021-July 2022 ($)Median annual household income ($)1Arkansas57.923.757052,5282West Virginia56.423.656951,2483Oklahoma55.325.459355,8264Tennessee54.822.864359,6955Mississippi54.525.057148,7166Kentucky53.527.160855,5737Nevada53.025.483166,2748Louisiana52.428.864152,0879Florida51.123.278463,06210Alabama50.229.461353,91311Texas50.129.774766,96312Hawaii49.624.276884,85713California49.426.379484,90714Georgia49.428.368866,55915Indiana49.426.468662,74316New Mexico49.127.972053,99217Utah48.229.991079,44918New York48.126.568374,31419Arizona47.925.483369,05620Virginia47.525.974180,96321Delaware47.226.576071,09122New Hampshire47.126.368688,46523Kansas46.828.173064,12424Maine46.626.355664,76725Idaho46.628.076366,47426New Jersey46.526.169589,29627Ohio45.828.567762,26228Pennsylvania44.929.758568,95729Nebraska44.831.375466,81730South Carolina44.731.963359,31831Oregon43.930.060471,56232Rhode Island43.425.959274,00833Wyoming43.336.481265,20434Michigan43.128.571063,49835Missouri42.826.173761,84736Colorado42.629.993782,25437Massachusetts42.629.772689,64538North Carolina42.026.565161,97239Illinois41.829.778772,20540Iowa41.734.267465,60041Alaska41.630.079077,84542Connecticut40.931.568983,77143North Dakota39.935.476066,51944Washington39.729.767784,24745Maryland39.128.377490,20346Wisconsin37.430.868967,12547Minnesota37.425.283177,72048South Dakota36.533.075966,14349Montana35.833.379063,24950Vermont34.032.758672,431