Americans are currently experiencing the worst inflation in over 40 years with a year-over-year inflation rate at 9.1% as recorded in June by WalletHub. The explosive inflation increase is due to multiple factors, including the COVID-19 pandemic, the war in Ukraine, labor shortages, supply restrictions, and growing demand.
The Federal Reserve has started to implement aggressive interest rate hikes to try to combat inflation, but the effect remains to be seen at this high risk tactic. Increasing interest rates too much and too quickly could cause the United States to go into a recession.
In certain cities, inflation is continuing to rapidly grow more than others. To determine the inflation growth in cities, WalletHub compared 23 major MSAs (Metropolitan Statistical Areas) across two key metrics involving the Consumer Price Index, which measures inflation. Comparing the latest data to last year’s data of inflation, WalletHub found the result of how inflation changed in the long term and short term.
These are the top 20 cities with the highest inflation score:
- Anchorage, Alaska: 100%.
- Scottsdale, Arizona: 68.38%
- Atlanta, Georgia: 56.22%
- Seattle, Washington: 50.51%
- Baltimore, Maryland: 50.13%
- Miami, Florida: 49.32%
- Houston, Texas: 48.28%
- Detroit, Michigan: 45.58%
- Tampa, Florida: 45.22%
- Philadelphia, Pennsylvania: 32.57%
- St. Louis, Missouri: 29.95%
- Dallas, Texas: 27.65%
- San Bernardino, California: 26.73
- Chicago, Illinois: 26.42%
- Denver, Colorado: 22.87%
- Minneapolis, Minnesota: 19.02%
- Los Angeles, California: 12.48%
- Washington, DC: 12.32%
- San Diego, California: 11.40%
- San Fransisco, California: 11%
To view WalletHub’s report, click here!