A new study from personal finance website WalletHub found that some U.S. cities are experiencing faster growth in inflation than others.
Researchers from WalletHub compared 23 major metropolitan statistical areas (MSAs) across two key metrics in the Consumer Price Index (CPI) to determine where inflation is increasing the most.
The study found that Anchorage, Alaska experienced the highest growth in inflation, with a CPI yearly change of 12.4%, according to the study report. The cities of Phoenix, Arizona; Atlanta, Georgia; Seattle, Washington; and Baltimore, Maryland ranked in the next top four cities experiencing the greatest growth of inflation, WalletHub’s study found.
Inflation is high throughout the U.S. It’s worse in some cities than others, though. Check out WalletHub’s latest report: https://t.co/fKwpThVFCS pic.twitter.com/TVx6GNp93H
— WalletHub (@wallethub) August 10, 2022
The cities were ranked by change in CPI between two different time spans, the first being a span of two months and the second span being one year, the report continued. Democratic-run cities, such as Honolulu, Hawaii; New York, New York; Boston, Massachusetts; San Francisco, California; and San Diego, California, had the lowest inflation rates during those time spans, WalletHub noted.
Inflation has remained at historic highs, increasing 8.5% between July 2021 to June 2022, according to the most recent Bureau of Labor Statistics CPI report released on Wednesday. The CPI-U for July 2022 remained unchanged, the release stated. (RELATED: Violence, Poverty And Early Pregnancy: These States Have The Most ‘At-Risk’ Youth, According To Study)
Media outlet CNN faced criticism for suggesting that the nominal decrease in inflation was “something to be happy about.” Multiple economists and Republican pundits mocked the outlet for calling the better-than-expected number “a breather.”