Kansas and Missouri named among cheapest states to live as inflation surges, study says

Inflation rates have driven up the cost of just about everything. Whether it’s the price of a carton of eggs or your monthly utility bills, making ends meet will require more money than past years.

To make matters worse, the consumer price index for June was 9.1%, according to the U.S. Bureau of Statistics. That means the price of goods and services on the market have increased by an average of 9.1% over the last 12 months.

There is a bright side to this: Missouri and Kansas were recently named among the cheapest states to live in as inflation rates rise.

CNBC’s Top States for Business Study includes rankings for the 10 cheapest states to live in 2022. The study rates states based on the prices of goods and services in the area to get an idea of which states still have a cheaper cost of living.

To illustrate the cost of living across the country, the study cited that the cost of a ribeye steak at the grocery store is 25% less in Manhattan, Kansas, than it would be in Manhattan, New York.

For each state ranked in the study, CNBC also compared the average home price, the cost of a gallon of milk and monthly energy bills. To see the study, visit here.

Mississippi came out on top as the cheapest place to live, where the cost of a half gallon of milk is $2.03 and the average energy bill will run you $160.90. Kansas scored second place, and Missouri came in sixth place.

Top 10 cheapest places to live

Here are all 10 of the cheapest places to live in the U.S. as inflation rates rise:

1. Mississippi

2. Kansas

3. Alabama

4. Georgia

5. Tennessee

6. Missouri

7. Iowa

8. West Virginia

9. Indiana

10. Arkansas

Top 10 most expensive places to live

CNBC’s Top States for Business Study also examined the most expensive places to live in the United States as inflation rates surge. Hawaii and New York came in first and second place, respectively. To compare, the average monthly energy bill in Hawaii is $369.53, while the average energy bill in Kansas is $173.70, according to the study.

Here’s the full list of the most expensive places to live in the United States in 2022.

1. Hawaii

2. New York

3. California

4. Massachusetts

5. Oregon

6. Alaska

7. Maryland

8. Connecticut

9. Rhode Island

10. Vermont