Increases in the prices of gasoline, shelter and food are eroding Georgia incomes. | Paul Brennan/Pixabay
Increases in the prices of gasoline, shelter and food are eroding Georgia incomes. | Paul Brennan/Pixabay
U.S. inflation increased 8.5% in March, the largest year-over-year increase since 1981, the Bureau of Labor Statistics (BLS) said in an April 12 report.
National year-over-year wage increases are now at -2.7%.
With the -2.7% wage inflation for March 2022, the median household income in the state of Georgia has seen a -$1,585 year-over-year loss, bringing the current average household income in the state to $58,700 a year; a recent World Population Review report said.
"Imagine being a young family right now, rent for a two-bedroom home went up 22% in the last year," U.S. Sen. Roger Marshall (R-KS) tweeted recently. "Imagine being retired, with 8.5% inflation, your purchasing power has been significantly diminished."
Real average hourly earnings decreased 0.8% from February to March and dropped 2.7% (seasonally adjusted) from March 2021 to March 2022, the BLS said.
"Increases in the gasoline, shelter and food indexes were the largest contributors to the seasonally adjusted all items increase," the BLS report said. "The gasoline index rose 18.3% in March and accounted for over half of the all items monthly increase."
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