10 major US cities where inflation has risen

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It seems safe to say that we are all tired of dealing with high inflation for 40 years – an annual rate of 8.5% nationally at the end of July 2022. But some places have seen the situation much worse than others.

Several major cities have experienced inflation close to or above 12% per year, according to a new WalletHub inflation analysis rates across the country.

The finance website used the Labor Department’s Consumer Price Index data for 23 metropolitan areas to compare price inflation two months ago and a year ago to see how the inflation has changed in the short and long term. The CPI is one of the most commonly used measures of inflation by the federal government.

Based on its findings, WalletHub assigned each metro a total score based on its inflation rates. These scores use a 100-point scale, and the higher the inflation, the higher the score.

Here are the areas where inflation has burned the most.

1. Anchorage, AK

Anchorage, Alaska
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Total score: 100 points out of 100 possible

Increase in the price index in July 2022 compared to the previous two months: 7.1%

Rise in the price index in July 2022 compared to last July: 12.4%

Anchorage even stands out from other areas on this list as experiencing the most extreme inflation. While the national average annual inflation rate fell more than 9% in June thanks to the relative calm of recent months, in Alaska prices have risen 7% since May alone.

2. Phoenix-Mesa-Scottsdale, AZ

Phoenix, Arizona
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Total score: 68.38 out of 100 possible points

Increase in the price index in July 2022 compared to the previous two months: 3.1%

Rise in the price index in July 2022 compared to last July: 12.30%

Phoenix residents have had a tough year for their finances, and it may be impacting their ability to buy homes, as we noted in “10 Markets with the Most Canceled Home Sales.” If there is a silver lining, it looks like things are slowly getting closer to normality in the real estate market.

3. Atlanta-Sandy Springs-Roswell, Georgia

Atlanta, Georgia
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Total score: 56.22 out of 100 possible points

Increase in the price index in July 2022 compared to the previous two months 2.4%

Rise in the price index in July 2022 compared to last July: 11.5%

Prices are far from on par in Atlanta, even the last two months have seen a 2.4% increase in costs. For comparison, the Federal Reserve is targeting an inflation rate of 2% – for the whole year.

Top 10

Lake Union in Seattle, Washington
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The remaining metros at the top of WalletHub’s list of fastest-inflating cities are spread widely across the country, with the top 10 having only one state featured twice — Florida. Here are the other top cities, along with their total inflation score:

  • Seattle-Tacoma-Bellevue, WA: 50.51 points out of 100 possible
  • Baltimore-Columbia-Towson, MD: 50.13
  • Miami-Fort Lauderdale-West Palm Beach, Florida: 49.36
  • Houston-The Woodlands-Sugar Land, TX: 48.28
  • Detroit-Warren-Dearborn, MI: 45.58
  • Tampa-St. Petersburg-Clearwater, Florida: 45.22
  • Philadelphia-Camden-Wilmington, PA-NJ-DE-MD: 32.57

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