A new study finds that Anchorage experienced the highest growth in inflation of any major city, with a CPI year-over-year change of 12.4%.
Phoenix, Atlanta, Seattle, and Baltimore were the next four cities experiencing the fastest growth of inflation, WalletHub’s study found.
Honolulu, New York, New York City, Boston, San Francisco, and San Diego had the lowest inflation rates during those time spans, WalletHub noted.
“In 2022, Americans are dealing with the worst inflation in over 40 years, with the year—over—year inflation rate at 9.1% in June. This explosive inflation is driven by a variety of factors, including the continued presence of the COV|D—19 pandemic, the war in Ukraine and labor shortages. The Federal Reserve is hoping to rein in inflation with aggressive interest rate hikes this year, but exactly how much of an effect that will have remains to be seen,” WalletHub said.
WalletHub compared 23 major Metropolitan Statistical Areas across key metrics related to the Consumer Price Index, which measures inflation. It compared the Consumer Price Index for the latest month for which Bureau of Labor Statistics data is available to two months prior and one year prior to get a snapshot of how inflation has changed in the short and long term.
