A recent analysis by the U.S. Senate’s Joint Economic Committee – Minority reveals that Nevada residents are spending $941 more in 2025 compared to the same period last year for identical goods and services. The findings, based on official Consumer Price Index data from the Bureau of Labor Statistics and U.S. Census figures, cover the period from February through September.
Nationally, the average household has paid $706 more during this timeframe due to inflation. Western states were disproportionately affected, with California topping the list at $1,112 in additional costs, followed by Colorado ($1,062), Utah ($1,030), and Washington ($948). Among the hardest-hit states, Nevada ranks fifth in increased expenses. In contrast, Southern states like Arkansas ($259), Oklahoma ($269), Louisiana ($291), and Texas ($339) experienced smaller cost increases.
Senator Jacky Rosen of Nevada criticized former President Donald Trump’s economic claims, pointing out that his promise to reduce prices “on day one” has not materialized. “This grim report shows how Trump’s reckless policies and tariffs are doing the opposite: raising costs and hurting hardworking Nevadans,” she said on November 18.
The Trump administration has countered by asserting that progress is being made in curbing inflation inherited from the previous administration. A White House spokesperson stated on November 14 that efforts are underway to reverse what they describe as Biden-era price surges. They cite slight declines in mortgage rates and stabilized fuel prices as evidence of positive momentum.
As of mid-November, the national average for regular gasoline was $3.077 per gallon, nearly unchanged from $3.071 a year earlier. In Nevada, prices rose slightly from $3.738 to $3.878 per gallon. Meanwhile, the average 30-year fixed mortgage rate dropped to 6.24 percent on November 13, down from 6.78 percent the previous year—a modest improvement that may ease housing affordability pressures over time.
Despite these indicators, the Senate panel argues that overall living costs continue to burden families, particularly in high-cost regions like the West. The debate underscores ongoing political disagreements over economic stewardship and inflation management.
— news from Reno Gazette Journal
— News Original —
Nevadans paying $941 more in 2025 than last year, economic report says
Nevadans are paying $941 more so far this year than they did last year for the same items. n nThat’s according to new report by the Joint Economic Committee – Minority in the U.S. Senate. n nThe Democratic panel says that it used the same government Consumer Price Index data and calculation methods that Republicans did during the Biden administration. n nNationwide, from February through September, people are paying $706 more on average than they did during the same timeframe in 2024 due to inflation , the report says. n nThe panel contrasted this data with comments by President Donald Trump that “inflation will be in FULL RETREAT” by August and that he would “bring the cost of everything way down.” n n“Donald Trump promised to bring prices down ‘on day one,’” Nevada Sen. Jacky Rosen said in a Nov. 18 statement. “This grim report shows how Trump’s reckless policies and tariffs are doing the opposite: raising costs and hurting hardworking Nevadans. It’s unacceptable, and I’m going to keep fighting to lower costs and repeal Trump’s harmful policies.” n nWestern states ranked by how hard inflation hit them so far in 2025 n nThe increased costs for families were smallest in Arkansas ($259 more), Oklahoma, ($269), Louisiana ($291) and Texas ($339), according to the report, while states in the West were hardest hit. The data was based on information from the Bureau of Labor Statistics on the Consumer Price Index and U.S. Census. n nHere’s how much more the average family paid in higher costs in Western states, the Joint Economic Committee report found: n nCalifornia: $1,112 n nColorado: $1,062 n nUtah: $1,030 n nWashington: $948 n nArizona: $944 n nNevada: $941 n nWyoming: $920 n nMontana: $894 n nIdaho: $864 n nOregon: $845 n nNew Mexico: $815 n nTrump administration makes case that progress is being made on prices n nThe Trump administration says it inherited an economic mess from the Biden administration. n n“Since Day One, the Trump Administration has been on a mission to tame Biden’s inflation crisis, stop the sky-high Biden price increases, and lower costs for everyday families — and while it can’t happen overnight, evidence shows the trend is in the right direction,” a White House spokesperson said in a statement Nov. 14. n nThe White House cites declining gas prices and moderating housing costs. n nAs of Nov. 18, the average price for regular gas in Nevada was $3.878, compared with $3.738 one year earlier — a slight uptick of 1.5 cents a gallon. That’s according to AAA. n nNationally, AAA shows gas prices basically steady: $3.077 a gallon as of Nov. 18 and $3.071 a gallon last year at this time. n nRegarding housing costs, the Federal Reserve Bank of St. Louis reports that as of Nov. 13, the average 30-year fixed mortgage was 6.24% on Nov. 13. One year earlier, it was 6.78% — a drop of about a half-percentage point. n n“The Trump administration will not rest until the high prices that resulted from Democrat policies are fully reined in,” the spokesperson said.