WalletHub's latest report ranked 23 major metropolitan areas in America to assess how inflation rates vary across the country, with Dallas-Fort Worth emerging at the top.
The analysis revealed a substantial 5.00% increase in the Consumer Price Index (CPI) over the past year and a 1.00% increase over the past two months, earning Dallas the highest total score among major U.S. cities.
According to the report, the U.S. inflation rate peaked at a 40-year high post-pandemic and has since moderated due to Federal Reserve rate hikes. As of June 2024, the year-over-year inflation rate stands at 3%, still above the 2% target rate. Factors such as the Ukraine war and labor shortages continue to contribute to this elevated inflation. The study concludes that, despite the country not meeting its target yet, it’s possible the Federal Reserve could cut interest rates this year rather than raising them further.
In addition to Dallas, other major cities are also experiencing significant inflation increases. Urban Honolulu, HI, saw CPI changes of 0.70% and 5.20% compared to two months ago and a year ago, respectively. New York-Newark-Jersey City, NY-NJ-PA, experienced CPI increases of 1.10% and 4.20%, while Detroit-Warren-Dearborn, MI, reported increases of 1.00% and 3.40%.
WalletHub's study focused on changes in the Consumer Price Index (CPI), which measures the average price changes over time for goods and services purchased by urban consumers. The analysis used two main metrics: percentage changes in CPI from the latest month compared to two months prior and from the latest month compared to one year ago.
For more detailed insights and data, refer to WalletHub's full report.
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