LAS VEGAS (KLAS) — The inflation rate in Nevada hit 6.8% this month, according to a recent report from Congress.
Statistics from the Joint Economic Committee (JEC) show the rate increasing from 6.2% the previous month. Over the previous 12 months, inflation was only climbing by 1.2%.
The rapid increase is hitting Nevadans in the pocketbook.
Inflation is cutting into the purchasing power of American consumers, and has taken a heavy toll since the beginning of last year. A JEC report released last month looked at inflation over an 18-month span, beginning in January 2021 and ending in June of 2022. That study found a 13.3% inflation rate nationwide. The Mountain West region was one of the hardest hit, with 14.9% inflation. That study showed an annualized cost to Nevada households of $9,663.
A state-by-state breakdown put Nevada at No.7 for the highest total monthly inflation costs: $805 per month. Here’s where the costs are coming from:
- $85 — monthly food costs
- $132 — monthly housing costs
- $369 — monthly transportation costs
- $215 — monthly energy costs
These numbers show how much more consumers are paying now as compared to January 2021.
The increase in housing costs is the third-highest in the nation, behind only Colorado and Washington, D.C.
The 6.8% inflation rate released this month is from January 2022 to June 2022.