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Minnesota Reports Significant Increase in Stress as Inflation Reaches 40-Year High

GettyImages 1087219592Inflation has been surging to multi-decade highs in the U.S. According to the congressional Joint Economic Committee, prices climbed by 13.3% between January 2021 and July 2022, resulting in a $717 increase in monthly expenses for the average American household. Driven by a number of factors – including Russia’s invasion of Ukraine and supply chain constraints tied to the COVID-19 pandemic – the inflation crisis is weighing heavy on American consumers.

In addition to the meaningful impact historic levels of inflation are having on household finances, they are also taking a psychological toll. A recent survey conducted by the U.S. Census Bureau found that 46.9% of American adults have found inflation to be “very stressful” in the last two months, and another 27.5% have found it to be “moderately stressful.” Though these shares vary considerably by state.

In Minnesota, a reported 37.4% of adults find inflation “very stressful” and 25.2% find it “moderately stressful” – the fourth smallest and seventh smallest shares, respectively, among the 50 states.

Meanwhile, according to a report from the U.S. Congress Joint Economic Committee, because of the rising cost of living, the average household in Minnesota had to spend $831 more in July 2022 than in January 2021 to keep the same standard of living.

All data in this story is from the JEC and the U.S. Census Bureau’s latest Household Pulse Survey, which collected data between Oct. 5 and Oct. 17, 2022 on how stressful the 18 and older population find inflation.

Rank State Adults who find inflation “very stressful” (%) Adults who find inflation “moderately stressful” (%) Increase in monthly spending for avg. household; Jan. 2021-July 2022 ($) Median annual household income ($)
1 Arkansas 57.9 23.7 570 52,528
2 West Virginia 56.4 23.6 569 51,248
3 Oklahoma 55.3 25.4 593 55,826
4 Tennessee 54.8 22.8 643 59,695
5 Mississippi 54.5 25.0 571 48,716
6 Kentucky 53.5 27.1 608 55,573
7 Nevada 53.0 25.4 831 66,274
8 Louisiana 52.4 28.8 641 52,087
9 Florida 51.1 23.2 784 63,062
10 Alabama 50.2 29.4 613 53,913
11 Texas 50.1 29.7 747 66,963
12 Hawaii 49.6 24.2 768 84,857
13 California 49.4 26.3 794 84,907
14 Georgia 49.4 28.3 688 66,559
15 Indiana 49.4 26.4 686 62,743
16 New Mexico 49.1 27.9 720 53,992
17 Utah 48.2 29.9 910 79,449
18 New York 48.1 26.5 683 74,314
19 Arizona 47.9 25.4 833 69,056
20 Virginia 47.5 25.9 741 80,963
21 Delaware 47.2 26.5 760 71,091
22 New Hampshire 47.1 26.3 686 88,465
23 Kansas 46.8 28.1 730 64,124
24 Maine 46.6 26.3 556 64,767
25 Idaho 46.6 28.0 763 66,474
26 New Jersey 46.5 26.1 695 89,296
27 Ohio 45.8 28.5 677 62,262
28 Pennsylvania 44.9 29.7 585 68,957
29 Nebraska 44.8 31.3 754 66,817
30 South Carolina 44.7 31.9 633 59,318
31 Oregon 43.9 30.0 604 71,562
32 Rhode Island 43.4 25.9 592 74,008
33 Wyoming 43.3 36.4 812 65,204
34 Michigan 43.1 28.5 710 63,498
35 Missouri 42.8 26.1 737 61,847
36 Colorado 42.6 29.9 937 82,254
37 Massachusetts 42.6 29.7 726 89,645
38 North Carolina 42.0 26.5 651 61,972
39 Illinois 41.8 29.7 787 72,205
40 Iowa 41.7 34.2 674 65,600
41 Alaska 41.6 30.0 790 77,845
42 Connecticut 40.9 31.5 689 83,771
43 North Dakota 39.9 35.4 760 66,519
44 Washington 39.7 29.7 677 84,247
45 Maryland 39.1 28.3 774 90,203
46 Wisconsin 37.4 30.8 689 67,125
47 Minnesota 37.4 25.2 831 77,720
48 South Dakota 36.5 33.0 759 66,143
49 Montana 35.8 33.3 790 63,249
50 Vermont 34.0 32.7 586 72,431
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