These Surprising States Now Have The Highest Inflation Rate

April 8, 2024

These surprising states now have the highest inflation rate in 2024 according to fresh data from Moody’s and Census Bureau figures.

Florida
Tennessee
Virginia
South Carolina
Alabama

Florida, 12-month inflation: 3.9%.

Americans have streamed into the Sunshine State since the pandemic for its warm weather, beaches and lower costs, especially compared to the Northeast.

The state gained 194,000 more residents than it lost last year, according to Moody’s and Census Bureau figures, driving up the cost of single-family homes and rent.

The influx also has pushed up the cost of food, furniture and other goods and services.

Damaging hurricanes in recent years have also caused homeowners insurance to skyrocket, reports USA Today.

Tennessee, 12-month inflation: 3.8%.

As home prices soared in larger metro areas, many Americans sought refuge in Tennessee for its more affordable housing, big-city amenities in Nashville, diverse economy and robust job opportunities.

The trend accelerated during the pandemic.

Last year, Tennessee added 63,000 more residents than it lost, pushing up the cost of housing and other services.

Its 3.3% unemployment rate, below the nation’s 3.8%, has increased wages and the cost of services.

Virginia, 12-month inflation: 3.8%.

The state has drawn residents, particularly to Northern Virginia, as the federal government in nearby Washington, D.C., has beefed up staffing following legislation to expand investments in infrastructure, chip manufacturing and clean energy.

But the area, a vibrant technology hub, has struggled to attract enough skilled workers to staff the numerous tech companies that have moved to the region, nudging wages and inflation higher.

Unemployment is just 3%.

South Carolina, 12-month inflation: 3.6%.

South Carolina, the fastest-growing state in the country, boasts a robust tourism industry in Charleston, Hilton Head and Myrtle Beach and a vibrant manufacturing sector centered around BMW in the Upstate area and Boeing in Charleston.

About 82,000 more people moved to the state than left last year, the Moody’s and Census figures show, pushing housing and other prices higher.

Alabama, 12-month inflation: 3.6%.

Alabama attracted residents during the pandemic and many have stayed and are working remotely.

Meanwhile, its large stable of manufacturers have been expanding, including Hyundai, Mercedes-Benz and Airbus.

The unemployment rate is 3%.

Inflation has picked up off of a low cost base.

For more news and updates like this, opt-in for push notifications.

Also Read: Food Stamps: 4 Massive Changes Now Coming to SNAP

Other Economy News Today

A massive retailer who closed all stores now files for bankruptcy allowing the company to implement the wind-down of its business operations.

Just days after announcing it would liquidate, 99 Cents Only Stores on Sunday filed for Chapter 11 bankruptcy in Delaware.

The retailer’s parent company, Number Holdings, said the bankruptcy process will enable the company to implement the wind-down of its business operations, per Retail Dive.

99 Cents Only listed assets and liabilities ranging from $1 billion to $10 billion.

The company’s top 10 creditors are collectively owed just under $35 million, according to the court documents.

99 Cents Only said it has secured $60.8 million in debtor-in-possession financing, subject to court approval, to facilitate the wind-down process.

Going-out-of-business sales have begun at all 371 of the company’s stores.

The California-based company said Friday that after years of challenges, including the COVID-19 pandemic, inflation, rising shrink and changing consumer demand, the company was unable to identify any solutions that would enable it to stay in business.

“In light of those challenges, retailers have been forced to rethink their business operations,” Rich Traub, a corporate real estate attorney and partner at Smith, Gambrell & Russell, said in emailed comments.

Traub specializes in retail-related real estate matters.

“The current economic environment does not mean doom, gloom, and collapse for retailers, but demands new thinking and new approaches in order to march forward.”

As of Monday, 99 Cents Only had over 10,800 part-time and full-time employees with stores in California, Arizona, Nevada and Texas, according to court documents.

The company said it has filed customary motions with the court to support its operations, including payment of employees, through the wind-down process. Hilco Global is handling merchandise liquidation for 99 Cents Only.

The retailer said gift cards and merchandise credits will be honored through the close of business on April 19.

Fixtures, furniture and equipment are also for sale.

The first 99 Cents Only store opened in 1982.

For more news and updates like this, opt-in for push notifications.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

More Market News 📰