How is Inflation Affecting Your Money in Minnesota?

We all know that over the last few years, everything has cost us more. As I said in a previous post, this is not a political statement, it’s just a fact.  

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Gas Prices have been coming down lately, in the St. Cloud area, the average price swings between $2.67 and $2.79 per gallon according to Gas Buddy. Since we’re paying less at the pump, have you noticed companies who raised their prices because  “fuel costs were going up” have lowered their prices? Let me answer that for you, “NOPE”! 

So exactly how much more are Minnesotans having to pay because of inflation? According to a study just released out of Washington, it’s a good bit. 

This “Economic Analysis Study” released by a group of Congressional Republicans says that in the month of October in Minnesota the rate of inflation was at 18% compared to 2021, which was the benchmark year used in this study.  This study means our spending was being affected by almost $1,100 a month.  

That totals nearly $13,000 per year more.  

Before you say, “wait a minute, I thought you said this wasn’t a political post” or “the Republicans are just saying this to try to impact next year's election”, this information came from the United States Congress Joint Economic Committee and the chair of that committee is a Democrat.   

January of 2021 was used as the benchmark for the study because it was the last time inflation was within recent historical norms according to reports. 

So, if Minnesota’s inflation rate was 18%, how does that compare to nearby states? 

North Dakota’s inflation rate was at18% as well, their residents paid nearly $1,000 more each month, or $11,868 per year. 

South Dakota also had an inflation rate of 18%. The monthly impact was $987 and per year it's $11,849. 

In Iowa, their rate was also 18%, an increase of $877 more per month and $10,511 per year.  

And in Wisconsin, their rate of inflation was at 17.3%, the monthly impact was $844 and that totals $10,131 per year.  

Interestingly enough, Oklahoma's inflation rate was at 18.4%, but their monthly impact was only $739 per month at an annual increase of $8869.  

Arkansas also had an inflation rate of better than 18%, but their monthly impact was $711 or $8528 per year.  

West Virginia had a state inflation rate of 19% but their monthly increase was $782 or $9,390 per year.  

Pennsylvania had an inflation rate of 15.2%, $793 per month and $9,511 per year.  

I know there’s a lot of numbers there, but one thing I think this survey shows is how different the cost of live is from state to state, with or without inflation.