PIERRE, S.D. (MITCHELLNOW) Senator John Thune says that inflation has risen by 20% since the year 2020. Thune says that groceries are up 21%, car repairs and maintenance costs have risen 31% and energy costs are 41% higher than they were in 2020. All in all, it costs $13,000 more today than in 2020 to maintain the same standard of living.
Dakota Wesleyan University, in cooperation with the Mitchell Chamber of Commerce, recently produced an economic report for the South Dakota Secretary of State’s Office. Their research found that the average Mitchell resident spends 21% of their income on housing, 18% on vehicles, 1% to insure homes and vehicles, 15% on food, 9% on healthcare, 8% on utilities and energy costs, 6% on entertainment (meals out, movies, streaming and other television services etc.) 4% on home operations (cost of mowing, snow removal, cleaning supplies for the home, maintenance etc.) and 3% on each of the following categories; apparel, contributions, education, gifts and furnishings.
The complete report is available on the South Dakota Secretary of State’s website.