Cassie Douglas
Has your wallet been feeling a little empty lately? If you answered “yes,” rest assured that you are far from being alone. With Americans across the nation struggling to make ends meet, a new study suggests that those living in certain cities may have it worse.
By comparing data from the Consumer Price Index, WalletHub was able to compare 22 major MSAs (Metropolitan Statistical Areas) to measure inflation–and the results might surprise you.
“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,” the release dated November 10, 2022, noted in part, furthering that inflation appears to be effecting particular areas more so than others.
Those places include Phoenix, which ranked #1 on their chart of cities where inflation has been rising the most. Miami and Detroit were the two major cities trailing not too far behind.
Their numbers looked like this:
Cities Where Inflation is Rising The Most
| Overall Rank | MSA | Total Score | Consumer Price Index Change (Latest month vs 2 months before) |
Consumer Price Index Change (Latest month vs 1 year ago) |
|---|---|---|---|---|
| 1 | Phoenix-Mesa-Scottsdale, AZ | 100.00 | 1.40% | 12.10% |
| 2 | Miami-Fort Lauderdale-West Palm Beach, FL | 79.24 | 0.90% | 10.10% |
| 3 | Detroit-Warren-Dearborn, MI | 77.62 | 1.10% | 8.50% |
Of the areas charted, Colorado, Texas and West Virginia were the states with the cities least affected.
Phoenix also took the lead for Consumer Price Index Change (Latest month vs 2 months before) and Consumer Price Index Change (Latest month vs 1 year ago).
In conclusion, if you need an excuse to move out of the city, maybe this is it.
The full study can be found here.