WalletHub: Phoenix inflation rate highest in the nation

WalletHub today released its report on the Cities Where Inflation is Rising the Most. Phoenix, AZ tops the list.

In 2022, Americans are dealing with sky-high inflation, which hit a 40-year high earlier this year. Though inflation has started to slightly trend downward due to factors like the Federal Reserve rate hikes, the year-over-year inflation rate was still a whopping 8.3% in August. This high inflation is driven by a variety of factors, including the continued presence of the COVID-19 pandemic, the war in Ukraine and labor shortages. The government is hoping to continue to rein in inflation with additional aggressive interest rate hikes this year, but exactly how much of an effect that will have remains to be seen.

To determine the cities where inflation is rising the most – and thus is the biggest problem – WalletHub compared 23 major MSAs (Metropolitan Statistical Areas) across two key metrics involving the Consumer Price Index, which measures inflation. We compared the Consumer Price Index for the latest month for which BLS data is available to two months prior and one year prior to get a snapshot of how inflation has changed in the short and long term.

Rising the MostRising the Least
1. Phoenix, AZ19. Honolulu, HI
2. Atlanta, GA20. Los Angeles, CA
3. Tampa, FL21. New York, NY
4. Miami, FL22. San Francisco, CA
5. Dallas, TX23. Anchorage, AK

Read the full Report at WalletHub.com.