In March, the consumer price index (CPI) rose by 0.1%, signaling that inflation is finally cooling, per data from the Bureau of Labor Statistics. Still, the year-over-year inflation rate was up 5% in March, meaning there’s still time before the cost of living fully restores to the Fed’s ideal rate of inflation of 2%.
However, the rate of inflation varies by location, and it’s rising in some American cities faster than others.
A new report by WalletHub analyzed 22 American metropolitan areas to determine where inflation was rising the fastest across the U.S. The report found that, in March, Philadelphia, PA had the highest rate of rising inflation of any metropolitan area with an overall score of 84.62, followed by Detroit, MI (including counties of Warren and Dearborn) at 83.30 and Phoenix, AZ (including counties Mesa and Scottsdale) at 81.82.
To assess where inflation was rising rapidly, WalletHub compared the CPI for March two months prior (to determine short-term change) and one year before (to determine long-term change) and then gave each metric a weighted average (to determine the overall rate of rising inflation).
Related: The $1 Pizza Slice Becomes The Latest Victim of Inflation: ‘World Done’
Regarding the short-term rate of inflation, Philadelphia still came in at No. 1 at 2%, followed by Houston, TX, and Detroit, MI, which tied for No. 2 at 1.9%. After Houston and Detroit, San Francisco, CA had the third highest rate of inflation in the short term at 1.8%, followed by Atlanta, GA at 1.5%.
Source: WalletHub
As for the largest increase in inflation for the long term, Phoenix, AZ had the biggest change at 8.50%, followed by Seattle, WA at 8%, Tampa, FL at 7.7%, and Atlanta, GA at 7.2%.
Source: WalletHub
Here are the American metropolitan areas where inflation is rising the quickest overall:
1. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Overall score: 84.62
Percent change in March from two months prior: 2%
Percent change in March from one year prior: 6.9%
2. Detroit-Warren-Dearborn, MI
Overall score: 83.30
Percent change in March from two months prior: 1.9%
Percent change in March from one year prior: 7%
3. Phoenix-Mesa-Scottsdale, AZ
Overall score: 81.82
Percent change in March from two months prior: 1.2%
Percent change in March from one year prior: 8.5%
4. Seattle-Tacoma-Bellevue, WA
Overall score: 81.56
Percent change in March from two months prior: 1.4%
Percent change in March from one year prior: 8%
5. Atlanta-Sandy Springs-Roswell, GA
Overall score: 76.14
Percent change in March from two months prior: 1.5%
Percent change in March from one year prior: 7.2%
6. Tampa-St. Petersburg-Clearwater, FL
Overall score: 71.85
Percent change in March from two months prior: 1.1%
Percent change in March from one year prior: 7.7%
7. Houston-The Woodlands-Sugar Land, TX
Overall score: 66.00
Percent change in March from two months prior: 1.9%
Percent change in March from one year prior: 5.2%
8. San Francisco-Oakland-Hayward, CA
Overall score: 64.69
Percent change in March from two months prior: 1.8%
Percent change in March from one year prior: 5.3%
9. Baltimore-Columbia-Towson, MD
Overall score: 58.74
Percent change in March from two months prior: 1.2%
Percent change in March from one year prior: 6.1%
10. Dallas-Fort Worth-Arlington, TX
Overall score: 58.13
Percent change in March from two months prior: 1.3%
Percent change in March from one year prior: 5.8%
You can see the full list, here.
Madeline Garfinkle
Source link
