Many Americans are worried about prices going up. A new report has come out that shows which cities in the United States are having the most trouble with inflation in 2024. According to analysts at WalletHub, the inflation rate in the U.S. reached its highest point in 40 years due to the COVID-19 pandemic, but it has since decreased.
In February 2024, the inflation rate compared to the previous year is 3.2%, which is still higher than the desired rate of 2%. The Federal Reserve might lower interest rates this year instead of raising them more.
The personal finance company compared 23 major Metropolitan Statistical Areas (MSAs) using the Consumer Price Index to explain how inflation impacts the local economy. This measures inflation by comparing the Consumer Price Index (CPI) for the most recent month, which is available from the Bureau of Labor Statistics (BLS), with the CPI from two months ago and one year ago.
- IRS Grants Extra Time for 2024 Taxes to Kentucky’s April Storm Survivors
- Fed’s June Meeting: Rate Cuts Not in the Cards: What’s Next?
- Deadline Alert: Michigan Schools Must Act Fast with Federal Stimulus Funds
- How to Access VA Dependent Education Benefits with a 100% Disability Rating
- Big News for SSDI: Social Security Might Add $600 to Payments
Regrettably, Dallas has made it into the top five on the list, which is causing significant worries for the people who live there. The report shows that Dallas has become the second-highest city in terms of inflation rate.
The overall score for Dallas-Fort Worth-Arlington is 77.78. The Consumer Price Index (CPI) increased by 0.90% in the most recent month compared to the two months before that. In addition, the Consumer Price Index (CPI) rose by 5.30% in the most recent month, when compared to the same period in 2023.
The Houston-Woodlands-Sugar Land area ranked 10th among cities with the highest inflation rate in the country, with a score of 55.56. The study discovered that in the past month, the Consumer Price Index (CPI) has increased by 1.00% compared to two months ago. Additionally, there has been a significant 3.50% increase in the CPI when compared to February 2023.
Miami has the highest inflation rate in the country. It has a score of 86.11 in the Miami-Fort Lauderdale-West Palm Beach area. The Consumer Price Index (CPI) has increased by 1.40% in the last month compared to two months ago. Moreover, it has gone up by 4.90% when compared to the same month last year.
Also Read: Data Busted Most Dangerous Neighborhoods in Charlotte for 2024
Main Factors Currently Driving Inflation
According to Wenyi Shen, an Associate Professor at Oklahoma State University, inflation is being driven by several important factors. These include the large-scale monetary easing and fiscal measures implemented during the pandemic, as well as supply-side issues like global supply bottlenecks and the Russian-Ukraine war.
According to Professor Zdravka Todorova at Wright State University, the inflation rate has gone down, but some of the reasons behind it have become a permanent part of the economy. There are several important factors that can cause inflationary pressure. These include business practices, the use of advanced technology, market concentration, the impact of the pandemic on prices, environmental and institutional factors, and wars.
Todorova also said that environmental factors are causing inflation and have become a permanent part of the economy. Heatwaves, droughts, floods, soil erosion, water shortages, and pollution are not just occasional disasters. They happen more frequently. They cause shortages, uncertainty, and higher costs in important areas like food, energy, and automobiles.
Leave a Reply