The Consumer Price Index (CPI) rose 0.1% in March, signaling that inflation is finally cooling. Bureau of Labor Statistics. Still, the year-over-year inflation rate rose 5% in March, meaning there is still time before the cost of living fully restores the Fed’s ideal inflation rate of 2%.
However, the rate of inflation varies by location, and it’s growing faster in some American cities than others.
a new one report WalletHub analyzed 22 American metropolitan areas To determine where inflation is rising fastest across the US It 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 the counties of Warren and Dearborn) at 83.30 and Phoenix, AZ (including the counties of Mesa and Scottsdale) at 81.82. on.
To assess where inflation is rising faster, WalletHub compared the CPI for the two months before March (to determine short-term change) and a year ago (to determine long-term change), and then calculated each metric as a weighted average (to determine the overall for) given. rising inflation rate).
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Regarding the short-term rate of inflation, Philadelphia still ranks No. 1 at 2%, followed by Houston, TX and Detroit, MI, which is 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
For the largest increase in inflation over the long term, Phoenix, AZ had the largest 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 fastest overall:
1. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Total Score: 84.62
Percent change in March from two months ago: 2%
Percent change in March from a year ago: 6.9%
2. Detroit-Warren-Dearborn, MI
Total Score: 83.30
Percent change in March from two months ago: 1.9%
Percent change in March from a year ago: 7%
3. Phoenix-Mesa-Scottsdale, AZ
Total Score: 81.82
Percent change in March from two months ago: 1.2%
Percent change in March from a year ago: 8.5%
4. Seattle-Tacoma-Bellevue, WA
Total Score: 81.56
Percent change in March from two months ago: 1.4%
Percent change in March from a year ago: 8%
5. Atlanta-Sandy Springs-Roswell, GA
Total Score: 76.14
Percent change in March from two months ago: 1.5%
Percent change from a year ago in March: 7.2%
6. Tampa-St. PETERSBURG-CLEARWATER, FL
Total Score: 71.85
Percent change in March from two months ago: 1.1%
Percent change from a year ago in March: 7.7%
7. Houston-The Woodlands-Sugar Land, TX
Total Score: 66.00
Percent change in March from two months ago: 1.9%
Percent change in March from a year ago: 5.2%
8. San Francisco-Oakland-Hayward, CA
Total Score: 64.69
Percent change in March from two months ago: 1.8%
Percent change from a year ago in March: 5.3%
9. Baltimore-Columbia-Towson, MD
Total Score: 58.74
Percent change in March from two months ago: 1.2%
Percent change from a year ago in March: 6.1%
10. Dallas-Fort Worth-Arlington, TX
Total Score: 58.13
Percent change in March from two months ago: 1.3%
Percent change from a year ago in March: 5.8%
You can see the complete list, here.