Although gas prices and other contributors to rising costs have eased during the late summer, new data sheds light on how steep inflation was in the second quarter.
The latest Cost of Living Index data from the Community and Economic Research Council shows the average cost of living increased 11% between the first quarter of 2019 and the first quarter of 2022 in the 208 cities included in the report.
In the Kansas City area, the cost of living saw a smaller increase than the national average, jumping 9.88% between 2019 and 2022. Between the second quarter of 2021 and 2022, it increased by more than 6%.
Soaring inflation has proven to be a challenge for businesses and individuals alike, and spikes in housing prices, fuel and other goods have outpaced what would ordinarily be strong earnings growth for many employees.
The total cost of living for the second quarter was $3,116 – a 7.1% increase from a year ago and an 11% increase from the same period in 2019.