10 Cities Hardest Hit By Inflation: Did Yours Make the List?
Was your city hit harder by inflation? Here are the 10 cities where residents saw prices rise the highest.
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Inflation continues to overstay its welcome. The Consumer Price Index (CPI) report rose to 0.3%, representing a slight decrease from August. Gas prices were the main driver in the increase, as consumers paid 4.1% more for gasoline last month.
If your budget was impacted by the rising prices in gas, shelter and energy, you're not alone. Using recent CPI reports, WalletHub conducted a study to find which cities were hardest hit by inflation.
To determine this study, WalletHub examined 23 metro areas, calculating how the CPI changes from two months and one year ago impacted the prices consumers in these areas are paying.
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The 10 cities inflation changes impacted the most
Here are the 10 cities where inflation has hit residents the most:
Overall Rank | MSA | Total Score | Consumer Price Index Change (Latest month vs 2 months before) | Consumer Price Index Change (Latest month vs 1 year ago) |
|---|---|---|---|---|
1 | Denver-Aurora-Lakewood, CO | 87.5 | 1.00% | 3.10% |
2 | Los Angeles-Long Beach-Anaheim, CA | 81.25 | 0.70% | 3.50% |
3 | Chicago-Naperville-Elgin, IL-IN-WI | 80.21 | 0.90% | 2.90% |
4 | Boston-Cambridge-Newton, MA-NH | 78.13 | 0.70% | 3.30% |
5 | Minneapolis-St.Paul-Bloomington, MN-WI | 71.35 | 0.80% | 2.60% |
6 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 69.79 | 0.80% | 2.50% |
6 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 69.79 | 0.50% | 3.30% |
8 | Anchorage, AK | 68.23 | 0.80% | 2.40% |
9 | New York-Newark-Jersey City, NY-NJ-PA | 65.1 | 0.50% | 3.00% |
10 | San Diego-Carlsbad, CA | 62.5 | 0.10% | 3.90% |
Factors influencing inflation
The CPI report sheds some light on where things are heading, and for the short term, it indicates prices are increasing in line with what economists expected. Core CPI, a better barometer of inflation trends, rose 0.2% month over month and is 3.0% year over year.
"Inflation might not be slowing, but it's not surprising to the upside anymore," says David Russell, global head of market strategy at TradeStation. "The details are positive, with shelter and transportation services moderating. Some key parts of the basket are cooling even if tariffs nudge items like apparel higher."
Because of the latest CPI report, along with a fragile job market, it gives the Federal Reserve an incentive to issue another quarter-point rate cut when it convenes next week.
Shielding against inflationary measures
The CPI report shows inflation is on a continual upswing for some everyday expenses. With this in mind, it means now is the perfect time to plan for rising costs.
One of the best ways to stay ahead of inflation is to store your emergency fund in an account that outpaces inflation. That's where the best high-yield savings accounts come into play.
These accounts feature variable interest rates. While it means the APYs on these might dip some, you can still earn rates above 4%, allowing you a risk-free way to maximize gains.
You can shop and find the best account for you quickly, using the tool below, powered by Bankrate:
A high-yield savings account is only one solution. If you want your earnings to outpace inflation, the best option continues to be investments as, historically, they earn a much higher rate of return.
One of our top online brokers is Fidelity. They offer free advice to newer investors with a portfolio of less than $25,000. If you have a portfolio exceeding this amount, you'll have access to a live agent for a fee of 0.35% of your assets.
With prices rising slightly faster than anticipated, having the right budgeting app can ensure you're maximizing your savings and investment goals, while curtailing spending that isn't helping you reach them.
The bottom line on inflation's impact
The CPI report shows inflation is staying in line with expectations, at least for now. The WalletHub report shows where inflation changes have the most impact.
Whether you live in one of these areas or not, having a plan in place now can help you find solutions that outpace inflation.
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