Inflation was down 6% in February, according to the latest data from the Labor Department, but as the Federal Reserve weighs its options to raise interest rates, some cities, according to a study by WalletHub, are seeing inflation on the rise.
Using two key metrics of the CPI report (latest month vs. two months before and latest month vs. one year ago), WalletHub, compared Metropolitan Statistical Areas (MSAs) to gauge which cities have seen the highest inflation increases.
The rankings are scored out of 100, with 100 being the highest rate of inflation.
States across the American Sunbelt saw a wave of new residents after the pandemic, but are now experiencing some of the highest levels of rising inflation.
Cities Where Inflation Is Rising The Most (msa)
- Tampa, St. Petersburg and Clearwater, Florida — 93.4
- Philadelphia, Pennsylvania — 78.2
- Camden, New Jersey — 78.2
- Wilmington, Delaware — 78.2
- Phoenix, Mesa and Scottsdale, Arizona — 78.2
- Detroit, Warren and Dearborn, Michigan- 77.1
- Seattle, Tacoma and Bellevue, Washington — 77.1
- Atlanta, Sandy Springs and Roswell, Georgia — 70.6
- San Diego and Carlsbad, California — 68.4
- Riverside, San Bernardino and Ontario, California — 67.3
- Dallas, Fort Worth and Arlington, Texas — 58.7
- Houston, The Woodlands and Sugar Land, Texas — 57.6
- San Francisco, Oakland and Hayward, California — 56.5
- Boston, Cambridge and Newton, Massachusetts — 53.2
- Baltimore, Columbia and Towson, Maryland — 52.1
- New York, New York — 51
- Newark and Jersey City, New Jersey — 51
- Los Angeles, Long Beach and Anaheim, California — 50
- Denver, Aurora, and Lakewood, Colorado — 48.9
- St. Louis, Missouri — 41.3
- Chicago, Naperville and Elgin, Illinois — 40.2
- Minneapolis, St.Paul and Bloomington, Minnesota — 26
- Urban Honolulu, Hawaii — 22.8
Nearly a quarter of home buyers are moving to new metro cities according to data from real estate brokerage Redfin. Reasons why home buyers are relocating include elevated mortgage rates, high home prices and economic uncertainty. Sunbelt cities like Phoenix, Las Vegas and Miami are some of the top destinations for home buyers while coastal cities like San Francisco, New York and Los Angeles are seeing the largest exodus, according to Redfin data. Of all major cities, Miami was the most searched-for destination for home buyers between December 2022 and February 2023.
For the first time since 1957, Florida was the nation’s fastest-growing state, according to the U.S. Census Bureau. The state’s population increased 1.9% between 2021 and 2022 to a population total of 22, 244,823 and beat out Idaho, which was the nation’s previous fastest-growing state.
Inflation Fell To 6% In February—But Some Experts Fear Banking Crisis Could Make Prices Worse (Forbes)