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In recent years, the U.S. has hit record inflation rates due to factors as wide ranging as labor shortages and the war in Ukraine, but the degree to which prices have risen vary across the country.
WalletHub recently determined how inflation is impacting different communities in the U.S. by comparing 23 major MSAs (Metropolitan Statistical Areas) across two key metrics related to the Consumer Price Index, using the factors to determine a total score out of 100 for each metro area.
“Rising housing and natural gas prices accounted for 70% of the 3.4% increase in the latest monthly CPI report,” David Skidmore, professor of political science at Drake University, said in a WalletHub release. “Older homeowners who have mortgages locked in at low fixed rates are staying put, with the result that fewer homes are available for younger homebuyers to enter the market. This, along with sluggish new home construction, has pushed up home prices. Rents have risen to match.”
Read more: Inflation, housing costs spook consumers
The metro area on this list with the biggest inflation problem is Detroit-Warren-Dearborn, Michigan, which has the highest CPI change over two months. Other top metro areas include Dallas-Fort Worth-Arlington, Texas, and Urban Honolulu, Hawaii. Honolulu has the highest CPI change over the year.
Read more about the cities with the biggest inflation problems.
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