Wisconsin Still Suffering Under High Inflation

Monday, July 22nd, 2024 -- 10:01 AM

(Ariel Perez, Green Bay Press-Gazette) The state of the economy became a significant concern for many Wisconsin residents when inflation started to rise in 2021 during the COVID-19 pandemic.

According to Ariel Perez with the Green Bay Press-Gazette, inflation accelerated and prices peaked at 9.1% the following year, and they didn't start receding until 2023 after the Federal Reserve launched interest rate increases aimed at cooling things down.

Debate over inflation and who's responsible will be a central issue in the November presidential race. Despite stubbornly high prices, Wisconsin's economy remained strong for a variety of reasons.

Experts say the Dairy State maintained economic growth thanks to increased migration, new businesses formation, economic freedom, high labor participation force and low unemployment.

Those factors helped the state recover quickly from the pandemic and weather the high inflation. Since 2023, wages have been increasing in almost every industry, which, experts say, is the only way to keep up with high prices.

However, high prices for groceries, and, at times, gasoline, have frustrated Wisconsinites, with many still feeling the economy is not in a good place.

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