Do you live in one of the nation’s highest inflation areas?
January 11, 2023
Inflation hurts, and it causes stress. I was going to buy a frozen package of mac and cheese. However, it cost $14.95. I decided I’d make one of my Annie’s organic mac and cheese packages, which cost about $1 from Costco.
Although inflation is beginning to slow down, it increased 7.1 percent in November from November 2021.
Inflation is rising more quickly in some places than others. In order to determine the cities where inflation is rising the most, WalletHub, a personal finance website compared 23 major metropolitan areas across two key metrics related to the Consumer Price Index, which measures inflation. It used the Consumer Price Index for the latest month for which BLS data is available to two months prior for a short-term comparison and the latest month compared to a year ago for a long-term comparison.
The results are as follows:
Consumer Price Index Change – Latest month vs 2 months before
Highest
- 1. Phoenix
- 2. Detroit
- T-2. Anchorage
- T-4. Tampa
- T-4. San Francisco
- T-4. Seattle
Lowest
- 19. Chicago
- T-20. Honolulu
- T-20. Houston
- 22. San Diego
- 23. Minneapolis
Consumer Price Index Change – Latest month vs 1 year ago
Highest
- 1. Phoenix
- 2. Atlanta
- 3. Miami
- 4. Tampa
- 5. Seattle
Lowest
- T-18. Los Angeles
- T-18. San Francisco
- 20. New York
- 21. Honolulu
- 22. Washington, D.C.
- 23. Minneapolis
After inflation reaching a 40-year high in 2022, inflation is has started to slow slightly due to factors such as the Federal Reserve rate hikes.
High inflation is driven by a variety of factors, including the continuing covid-19 pandemic, the war in Ukraine, and labor shortages.
What’s next? Is the country headed for a recession?
“The current inflation is a reflection of the problems in economics fundamentals and could anticipate a coming recession,” said Martha Cruz Zuniga, chair of the Department of Economics at The Catholic University of America. “Historically, most periods of high inflation are followed by recessions.”
So, pay off your debts, make sure you have an adequate emergency fund, and keep saving all that you can in case a recession affects you and your family.
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