The average North Carolina household is spending 22% more on household goods now than in 2021, according to a new federal report.
The U.S. Congress Joint Economic Committee, based on July data from the Bureau of Labor Statistics, estimates that the average household in North Carolina is paying $1,017 more per month to purchase the same basket of goods and services as in January 2021.
"Cumulatively, the average North Carolina household has spent $25,953 more due to inflation since January 2021," the committee said.
Year-over-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September.
Wednesday's report from the Labor Department showed that consumer prices rose just 0.2% from June to July after dropping slightly the previous month. Measured from a year earlier, prices rose 2.9%, down from 3% in June. It was the mildest gain since March 2021.
Information from The Associated Press was used in this report.