American consumers are grappling with the hottest inflation in a generation, and some parts of the country are seeing steeper price increases than others.
Other states are also experiencing inflation that's well above the national average: Prices were up 7.9% in a slew of states, including North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, Maryland, West Virginia, North Carolina, South Carolina, Georgia, Florida, Texas, Oklahoma, Louisiana, Arkansas, Missouri, Illinois, Wisconsin, Indiana, Michigan and Ohio.
By comparison, prices in the mid-Atlantic – New York, New Jersey and Pennsylvania – were far lower, climbing 6.1% in January from the year-ago period. The New England region experienced the next-lowest rates with 6.6% inflation. Rising inflation is eating away at strong wage gains that American workers have seen in recent months: Real average hourly earnings rose just 0.1% in January from the previous month, as the 0.6% inflation increase eroded the 0.7% total wage gain, according to the Labor Department. On an annual basis, real earnings actually declined 1.7% in January.
The average American is shelling out an extra $276 a month on goods and services because of inflation, according to a new Moody's Analytics
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