WYOMING — As inflation surges across the U.S., the states with the fastest inflation in the country are in the Mountain West.
According to a recent article published by Bloomberg, these states are Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming.
“In the Mountain states, the 8.6% annual rate of inflation is almost 3 percentage points higher than the Middle Atlantic — New Jersey, New York and Pennsylvania, where price gains are the tamest nationally. Meanwhile, the New England area is seeing next-lowest rates with 6.2% inflation.” – Alexandre Tanzi, Bloomberg
Tanzi reported that surges in the cost of living have been felt more by high-income households in the past several months which is a reversal from earlier in the pandemic when low-income families had the bigger blow.
The article argues that while the data only corresponds to the evolution of price changes, the gap does highlight the vast differences across the U.S. and the difficulties the Federal Reserve faces in controlling inflation.