With record-high inflation, businesses and families are struggling this year. But inflation is rising higher in some places than others, including DFW.
According to a study by WalletHub, inflation this year hit a 40-year high. Inflation began to slow slightly because of the Federal Reserve rate hikes, the year-over-year inflation rate was still 7.1% in November. Factors for the rise of inflation have to do with COVID-19, the war in Ukraine and labor shortages.
DFW ranked 10th on the list for where inflation was rising the most. When it comes to the consumer price index change (latest month versus two months before), the area saw a 0.30% change. But compared to the latest month versus one year ago, an 8.40% change occurred. Overall, DWF had a total of 49.88. In comparison, the lowest city on the list, Minneapolis, saw a 0.00 change.
“The Federal Reserve will have to keep increasing interest rates to lower the money supply in the economy,” Associate Professor of Economics of Wesleyan University David J. Kuenzel told WalletHub. “Eventually, inflation will slow. However, the U.S. economy could suffer a recession as a result of combating inflation.”
These are the top 10 cities that saw the most inflation:
- Phoenix-Mesa-Scottsdale
- Miami-Fort Lauderdale-West Palm Beach
- Tampa-St. Petersburg-Clearwater
- Atlanta-Sandy Springs-Roswell
- Seattle-Tacoma-Bellevue
- Detroit-Warren-Dearborn
- Anchorage
- Baltimore-Columbia-Towson
- Philadelphia-Camden-Wilmington
- Dallas-Fort Worth-Arlington
In order to determine which cities had the highest inflation, WalletHub compared 23 MSAs (Metropolitan Statistical Areas) across two key metrics involving the Consumer Price Index, which measures inflation. For each MSA in the sample, the website used the latest data from the Bureau of Labor Statistics.
The government is hoping to further slow inflation with an additional hike in interest rates this year, but it’s not been determined exactly how much of an effect will come out of it.
