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Updated: December 15, 2022 @ 12:00 am
(The Center Square) – The Seattle-Tacoma-Bellevue metropolitan area ranked No. 5 in a new report from WalletHub analyzing which cities in America are experiencing the highest inflation.
The personal finance website’s report notes that inflation across the country jumped to a 40-year high earlier this year, meaning more expensive groceries, fuel, and other goods and services. The report points to the U.S. Bureau of Labor Statistics’ Tuesday release of the monthly Consumer Price Index report that showed an overall 7.1% increase in the past 12 months.
To determine its rankings, WalletHub compared 23 metropolitan statistical areas by looking at the CPI for the latest month for which BLS data is available to the two months prior and one year prior.
WalletHub analyst Jill Gonzalez explained the reasons for the Seattle metro area’s ranking.
“Seattle metro has the fifth highest rise in inflation,” she reiterated in an email to The Center Square. “Its consumer price index was 1% higher in October 2022 compared to August 2022 – the fourth biggest increase. Compared to August of last year, the Consumer Price Index is almost 9% higher.”
Gonzalez noted the limitations of the report, but said some broad conclusions could be drawn.
“The report doesn’t dive into the specific factors driving inflation in each city,” she said. “However, we can say that in general, both supply and demand are driving it.”
Several factors are causing an increase in prices, Gonzalez noted.
“There are still supply chain issues and the increase in oil prices is pushing production costs and consumer prices higher,” she explained. “On the other side, the expectation of even higher prices in the future has increased consumer demand and is putting more pressure on prices.”
According to WalletHub, the five metro areas where inflation is rising the most are:
1. Phoenix-Mesa-Scottsdale, Arizona
2. Miami-Fort Lauderdale-West Palm Beach, Florida
3. Tampa-Saint Petersburg-Clearwater, Florida
4. Atlanta-Sand Springs-Roswell, Georgia
5. Seattle-Tacoma-Bellevue, Washington
The five metro areas where inflation is rising the least:
23. Minneapolis-Saint Paul-Bloomington, Minnesota-Wisconsin
22. Urban Honolulu, Hawaii
21. San Diego-Carlsbad, California
20. Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin
19. Los Angeles-Long Beach-Anaheim, California
Originally published on thecentersquare.com, part of the TownNews Content Exchange.
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