It's no secret that recent jumps in inflation have affected everyday life for Americans. As a result, people are shelling out more money for gas, groceries, rent, and other essentials. Some price hikes have even made national headlines, like eggs costing $5 last December or gas hitting nearly $7 a gallon in a few parts of the country a year ago.
That's why WalletHub conducted a study pinpointing U.S. cities experiencing rapid inflation more than others. Here's how researchers did it:
"In order to determine the cities where inflation is rising the most – and thus is the biggest problem – WalletHub compared 22 major MSAs (Metropolitan Statistical Areas) across two key metrics related to the Consumer Price Index, which measures inflation. We compared the Consumer Price Index for the latest month for which BLS 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."
According to the study, a city in Washington state tied for the No. 4 spot: the Seattle metro area. Residents here saw an 8% jump in consumer prices compared to this time last year.
Here are the Top 10 U.S. metro areas where inflation is rising the most:
- Tampa-St.Petersburg-Clearwater, Florida
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (tied for No. 2)
- Phoenix-Mesa-Scottsdale, Arizona (tied for No. 2)
- Detroit-Warren-Dearborn, Michigan (tied for No. 4)
- Seattle-Tacoma-Bellevue, Washington (tied for No. 4)
- Atlanta-Sandy Springs-Roswell, Georgia
- San Diego-Carlsbad, California
- Riverside-San Francisco-Ontario, California
- Dallas-Fort Worth-Arlington, Texas
- Houston-The Woodlands-Sugar Land, Texas