According to WalletHub, Anchorage is in the top 10 cities for experiencing inflation. It’s at No. 8, right between Miami and Los Angeles.
The U.S. inflation rate hit a 40-year high during the first two years of the Biden Administration, but has since started to flatten.
“The year-over-year inflation rate sits at 3.4% as of April 2024, which is still above the target rate of 2%. Various factors, such as the war in Ukraine and labor shortages, drive this higher than average inflation. Despite the country not meeting its target yet, it’s possible the Federal Reserve could even cut interest rates this year rather than raising them further,” WalletHub reports.
According to the AP, three rate reductions were suggested for 2024, starting in June, “But given the persistence of elevated inflation, financial markets now expect just one rate cut this year, in November, according to futures prices tracked by CME FedWatch.”
WalletHub compared 23 major metropolitan statistical areas across two key metrics related to the Consumer Price Index, which measures inflation. Honolulu Hawaii got a total score of 71.83, putting it at the top of the list for inflation, with Detroit closely following.
WalletHub 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.
While Anchorage is in the top 10 for inflation, it’s in the No. 2 spot for rapidly increasing consumer prices compared to the two months prior:
Read more about this report at WalletHub.com.
