Oregonians are feeling the pressure of light wallets and tight budgets.
According to a report released by Common Sense Institute Oregon, Oregonians need to spend an additional $9,143 annually to maintain their 2019 standard of living.
The “Inflation Misery Index” compares 2019 prices to 2024 prices for expenses such as housing, utilities, food, recreation and gasoline, according to CSI Oregon, a non-profit organization that conducts non-partisan research examining the fiscal impacts of policies and initiatives on the Oregon economy.
Inflation spikes in 2021 have contributed to significant changes in costs, to the point that Oregonians now need to pay almost $10,000 more in a year — nearly 13% of their annual income — to maintain their 2019 standard of living, according to CSI Oregon’s 2024 Inflation Misery Index report .
According to the report, high inflation rates have causedthe average Oregon household to spend $3,659 more annually onhousing and utilities compared to 2019. Food costs $4,808 more annually, while recreation is $767 more expensive than five years ago. Gasoline costs Oregon households $817 more in 2024 than it did in 2019.