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Current Dollars Versus Inflation-Adjusted Dollars
July 2022 Inflation
Certification Revenue Estimate
Current Dollars Versus Inflation-Adjusted Dollars
January 2021 to June 2022
The difference between current (non-inflation-adjusted) dollars and constant (inflation-adjusted) dollars represents the share of sales tax revenue attributable to recent price inflation rather than to growth in the physical numbers or measures of taxable goods and services.
The widening of this gap indicates that the share of sales tax revenue attributable to inflation has been growing rapidly.
| Month/Year | Sales Tax Revenue in Billions (Current) | Sales Tax Revenue in Billions (Inflation-Adjusted) | Inflation Rate |
|---|---|---|---|
| Jan 2021 | $3.07 | $3.05 | 1.4% |
| Feb 2021 | $2.51 | $2.48 | 1.4% |
| Mar 2021 | $2.63 | $2.58 | 1.7% |
| Apr 2021 | $3.40 | $3.31 | 2.6% |
| May 2021 | $3.40 | $3.28 | 4.2% |
| Jun 2021 | $3.16 | $3.03 | 5.0% |
| Jul 2021 | $3.39 | $3.22 | 5.4% |
| Aug 2021 | $3.33 | $3.15 | 5.4% |
| Sep 2021 | $3.15 | $2.97 | 5.3% |
| Oct 2021 | $3.41 | $3.21 | 5.4% |
| Nov 2021 | $3.56 | $3.32 | 6.2% |
| Dec 2021 | $3.56 | $3.30 | 6.8% |
| Jan 2022 | $3.85 | $3.56 | 7.0% |
| Feb 2022 | $3.23 | $2.96 | 7.5% |
| Mar 2022 | $3.37 | $3.07 | 7.9% |
| Apr 2022 | $3.83 | $3.44 | 8.5% |
| May 2022 | $3.69 | $3.29 | 8.3% |
| Jun 2022 | $3.68 | $3.24 | 8.6% |
* Year-over-year change in the Consumer Price Index for All Urban Consumers (CPI-U).
The rate of inflation displayed is for the month preceding the month of sales tax collections.