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 Council for Community and Economic Research shows the average cost of living increased 11% between the first quarter of 2019 and the first quarter of 2022 in the 208 urban areas 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 more than 6%.
Soaring inflation has proved to be a challenge for businesses and individuals alike, and spikes in the price of housing, fuel and other goods have outpaced what ordinarily would be strong earnings growth for many employees.
The total cost of living for the second quarter was $3,116 — an increase of 7.1% from a year ago and up 11% from the same period in 2019.