Nevadans paying $941 more in 2025 than last year, economic report says

By Mark Robison, Reno Gazette Journal

Nevadans are paying $941 more on average so far this year than they did last year for the same items.

That’s according to a new report by the Joint Economic Committee – Minority in the U.S. Senate.

The Democratic panel says that it used the same government Consumer Price Index data and calculation methods that Republicans did during the Biden administration.

Nationwide, 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.

The 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.”

“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.”

Western states ranked by how hard inflation hit them so far in 2025

The 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.

Here’s how much more the average family paid in higher costs in Western states, the Joint Economic Committee report found:

• California: $1,112
• Colorado: $1,062
• Utah: $1,030
• Washington: $948
• Arizona: $944
• Nevada: $941
• Wyoming: $920
• Montana: $894
• Idaho: $864
• Oregon: $845
• New Mexico: $815

The Trump administration says it inherited an “economic mess” from the Biden administration.

“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.

The White House cites declining gas prices and moderating housing costs.

As 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.

Nationally, AAA shows gas prices basically steady: $3.077 a gallon as of Nov. 18 and $3.071 a gallon last year at this time.

Regarding 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.

“The Trump administration will not rest until the high prices that resulted from Democrat policies are fully reined in,” the spokesperson said.

USA TODAY Network via Reuters Connect