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US Cities Most Affected by Inflation Unveiled

(Photo ‍by Joe ‍Raedle/Getty Images)

OAN’s Brooke ​Mallory
6:28 PM – Thursday, August 10, 2023

According​ to a recent study, the⁢ city⁢ of Denver ‍in Colorado has the fastest-growing inflation rate‍ of any other city in the United ⁤States.

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The ⁢annual inflation rate‌ increased by 3.2%‍ last month,‍ up from⁢ 3% in June, according ​to the Bureau of Labor Statistics on Thursday.

Some cities ‌did significantly⁣ worse ⁤than others statistically.

A survey conducted by ⁤WalletHub identified the top five American cities⁤ with the highest levels of inflation.

WalletHub is a personal finance website that offers free consumer tools that provide users with credit reports, credit scores,⁤ and‌ credit monitoring. ⁤The company investigated how consumer expenses affect ​people⁤ in various‍ cities and compared the performance of ⁣23⁢ major metropolitan statistical areas.

Denver’s​ annual inflation⁢ rate is 4.7%,⁢ which is ‌more‍ than a percentage point higher than the national average.

Atlanta, Detroit, and Seattle were all named among the top five ​cities having the worst‍ inflation difficulties by researchers.

Anchorage, Alaska, on the other hand, was rated as having the “smallest” inflation. The city ‌has a ​negative inflation‌ rate of⁢ -3.3%,⁣ which has shifted during the previous ⁤two months.

Researchers also selected Washington, D.C.,‍ Boston, Chicago, and Minneapolis⁢ as having the⁤ “smallest” inflation concerns. ⁢These cities ‌all had ⁣yearly ⁤inflation rates that were‍ less ⁤than 3%.

Inflationary disparities across ‌states are frequently caused​ by⁣ differences in their particular ​property markets.

Researchers in‌ Denver, for⁣ example, suggested that the⁢ city’s high housing costs were fueling inflation.

“The housing component of DPI represents 44% of the ​overall basket and for ⁣the⁤ Denver-Aurora-Lakewood region, ‍it went up ‍8.8% ‍year over⁢ year versus⁢ 6.2% for ‍the nation and⁢ 7.1% for the ‌mountain region,” Brian Lewandowski of Leeds Business Research recently told CBS Colorado.

“That does demonstrate ‌that ⁣we have more house price inflation than the rest of the country,” he‌ continued.

It came after Florida was named‍ the state with the ‌highest⁢ inflation rate in a Bureau of Labor Statistics study last month. Analysts ‌at the time attributed the‍ high rate to ‍Florida’s high home expenses.

Photo via: World Bank / BLS
Photo via: Bureau of Labor⁤ Statistics, Bureau of ⁢Economic Analysis, ICE Exchange

“A lot of people ​are still ⁢coming‌ to Florida because the economy is‍ really strong,⁣ and many ​like the fact that we don’t have an ‍income tax like ⁤in New York, ‍for example…‌ And in places like ‌Miami, we’re‌ seeing ⁢a lot of real estate demand from non-Floridians⁣ or non-American investors ​— generally wealthy folks who ​want to have a nice home here,” said Amanda Phalin, an economist at the University of Florida.

However, recent⁣ data shows that prices in ‍Florida may finally be falling.

Despite annual rates of 5.9% and 6.9%, respectively, Tampa ​and Miami have had the fewest changes in pricing in the previous​ two months.

Annual inflation in the‍ U.S. overall also⁤ rose to‍ 3.2% in July.‍ The Consumer ‌Price Index⁤ advanced for the first time‍ in 13 months.

Prices increased 0.2%‍ month over‌ month in July, mostly due to increases in housing expenses like rent. According to the ⁣Bureau of ‌Labor Statistics, this accounted for 90% of the monthly rise.

This slight monthly increase, however, is‌ the same ‌as in ​June,⁣ which may possibly prevent the Federal Reserve from⁤ hiking interest rates ⁤again in September.

The ​monthly⁢ rise⁣ was in ⁣line with projections, although‌ the yearly ​rate was slightly lower than the 3.3% projected.

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