Miami, Florida – Inflation is on the rise in the United States, impacting Americans’ purchasing power across the country. However, some regions are feeling the effects more intensely than others, with prices increasing at a faster rate in certain areas.
The latest consumer price index (CPI) data released by the Labor Department shows that prices in the U.S. have increased by 3.5% in March compared to a year ago, marking the third consecutive month of rising prices. This surge in inflation remains significantly higher than the Federal Reserve’s target of 2%.
WalletHub recently analyzed 23 Metropolitan Statistical Areas (MSAs) to assess how inflation is affecting different parts of the country. The study compared data on everyday goods such as gasoline, groceries, and rent to determine the impact of rising prices on consumers.
Among the cities most affected by inflation are Urban Honolulu, where prices rose by 1.5% in March compared to two months prior and by 4.8% from a year ago. In second place is the Miami-Fort Lauderdale-West Palm Beach area in Florida, with prices increasing by 1.4% from January to March and by 4.9% on an annualized basis.
On the West Coast, the Riverside-San Bernardino-Ontario area in southern California experienced the third-highest price hikes in the country. Inflation in this region accelerated by 1.4% over the past two months and by 4.3% from a year ago.
In the Midwest, the St. Louis area spanning Missouri and Illinois ranked fourth in terms of inflation rates. Prices in this MSA were up by 1.6% in March compared to two months earlier and climbed by 3.6% from the same month in the previous year.
Rounding out the list is the Dallas-Fort Worth-Arlington area in Texas, where prices increased by 0.9% from January and by 4.9% from March of the previous year. Overall, the steady rise in inflation is impacting consumers’ budgets in various parts of the country.