Inflation is on the rise at a historic pace in the United States. The consumer price index surged 7.5% on an annual basis in January 2022, the highest increase in about 40 years. While wages have also climbed, they have not increased enough to offset rising prices for the typical American worker.
Inflation is being driven in large part by supply chain disruptions, which are limiting production capacity and the availability of certain goods and ultimately leading to higher prices. Pent-up consumer demand in the wake of COVID-19 shutdowns across the globe is exacerbating the problem. Recently, consumers have been feeling the pinch, particularly through higher food, housing, and energy prices.
While consumers across the country are paying more for goods and services now than they were a year ago, exactly how much they are paying depends largely on where they live, as some states have a far higher cost of living than others.
In Oklahoma, the cost of living is 12.1% lower than it is on average nationwide, according to the Composite Cost of Living Index published by the Missouri Economic Research and Information Center. Overall, the cost of living in Oklahoma ranks as the fourth lowest among states. It is important to note that this index reflects the annual average cost of living in 2021 and does not account for recent price increases due to inflation.
Of the five specific consumer categories factored into the index - groceries, housing, utilities, transportation, and health care - utilities ranks as the most expensive in Oklahoma relative to national prices, costing about 4.9% less than average. Meanwhile, housing is the least expensive consumer category relative to national averages, with prices about 25.3% lower than they are nationwide.
RankStateCost of livingMost expensive categoryLeast expensive categoryMedian household income ($)1Hawaii93.3% more than avg.HousingHealth care83,1022New York48.2% more than avg.HousingUtilities72,1083California42.2% more than avg.HousingHealth care80,4404Massachusetts35% more than avg.HousingUtilities85,8435Oregon30.1% more than avg.HousingUtilities67,0586Alaska27.1% more than avg.UtilitiesTransportation75,4637Maryland24% more than avg.HousingHealth care86,7388Connecticut21.6% more than avg.HousingGroceries78,8339Rhode Island17.2% more than avg.UtilitiesHealth care71,16910Vermont17% more than avg.HousingHealth care63,00111New Jersey15.2% more than avg.HousingHealth care85,75112Maine15% more than avg.HousingGroceries58,92413Washington11.6% more than avg.Health careUtilities78,68714New Hampshire9.9% more than avg.Health careTransportation77,93315Delaware7.9% more than avg.GroceriesUtilities70,17616Nevada6.3% more than avg.TransportationUtilities63,27617Colorado5.3% more than avg.HousingUtilities77,12718Arizona3.2% more than avg.HousingHealth care62,05519Pennsylvania2.5% more than avg.UtilitiesHealth care63,46320Idaho2.1% more than avg.TransportationUtilities60,99921Virginia1.8% more than avg.HousingTransportation76,45622South Dakota1% more than avg.HousingTransportation59,53323Montana0.7% more than avg.HousingUtilities57,15324Florida0.3% more than avg.GroceriesHealth care59,22725MinnesotaAbout avg.Health careHousing74,59326Utah1% less than avg.TransportationUtilities75,78027North Dakota1.8% less than avg.Health careUtilities64,57728Wisconsin3.6% less than avg.Health careHousing64,16829North Carolina4.3% less than avg.Health careHousing57,34130Wyoming5.7% less than avg.GroceriesHousing65,00331Illinois5.7% less than avg.TransportationHousing69,18732Nebraska6.3% less than avg.Health careHousing63,22933South Carolina6.4% less than avg.UtilitiesHousing56,22734Kentucky6.9% less than avg.UtilitiesHousing52,29535Louisiana7% less than avg.Health careHousing51,07336Texas7.9% less than avg.UtilitiesHousing64,03437Michigan8.7% less than avg.TransportationHousing59,58438Ohio8.7% less than avg.GroceriesHousing58,64239New Mexico9% less than avg.Health careHousing51,94540Arkansas9.1% less than avg.GroceriesHousing48,95241Indiana9.4% less than avg.UtilitiesHousing57,60342West Virginia9.5% less than avg.GroceriesHousing48,85043Iowa10.1% less than avg.Health careHousing61,69144Missouri10.2% less than avg.UtilitiesHousing57,40945Tennessee11% less than avg.GroceriesHousing56,07146Georgia11.2% less than avg.Health careHousing61,98047Oklahoma12.1% less than avg.UtilitiesHousing54,44948Alabama12.1% less than avg.UtilitiesHousing51,73449Kansas13.5% less than avg.Health careHousing62,08750Mississippi16.7% less than avg.Health careHousing45,792
via Oklahoma's Center Square News
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