10 American cities where inflation is still on the rise
Slowed by the Federal Reserve’s rate hikes, the rise of inflation is softening after hitting a 40-year high last year. Even so, the year-over-year inflation rate was still at 4% in May, according to a recent ranking from WalletHub. And while Americans across the United States have borne the weight of inflation through rising costs everywhere from the gas pump to the grocery store, some cities have been and continue to be impacted more than others.
“The high inflation is driven by a variety of factors, including the continued presence of the COVID-19 pandemic, the war in Ukraine and labor shortagess,” reads the introduction to the list. “The government is hoping its series of interest rate hikes will rein in inflation, but exactly how much of an effect that will have remains to be seen.”
To that end, WalletHub compared 23 major metro areas “across two key metrics related to the Consumer Price Index, which measures inflation,” the explainer continues. “We compared the Consumer Price Index for the latest month for which BLS data is available to two months prior and one yera prior to get a snapshot of how inflation has change in the short and long term.”
The top 10 cities (notably, the ranking includes a tie, so there are 11 cities total) can be found in the gallery above. Visit WalletHub’s website for a complete list of all 23 cities.
