CBS News recently reported the top five cities in the U.S. that have been hit hardest by inflation:
“Dallas, Detroit, Honolulu, San Francisco and Seattle are all distinctly different U.S. cities, but with one thing in common: Residents there have been hit hardest by inflation.
“That’s according to a study from WalletHub which compared key inflation metrics within 23 major metropolitan statistical areas in connection with the latest Consumer Price Index data, as well as CPI data from two months ago and a year ago. The findings suggest inflation is impacting certain cities more than others, further stretching the budgets of Americans in particular parts of the U.S.
“Inflation rose 3.3% nationally in May compared to a year ago but rosed even higher in Detroit at 3.5%, a year ago, San Francisco at 3.8%, Seattle at 4.4%, Dallas at 5% and Honolulu at 5.2%, WalletHub’s study shows. In contrast, inflation’s impact in San Diego, Atlanta, Denver, Minneapolis and Tampa, has been far less extreme in some cases, with those cities seeing increases between 1.8% and 3.2%.
“Inflation in Dallas is particularly intense due to a housing shortage that is driving up the cost of shelter, one local economist said. The Dallas-Fort Worth area has seen an influx of 150,000 residents between July 2022 and July 2023 and those new residents haven’t found adequate housing, said Dean Stansel, a research economist at Southern Methodist University in Dallas.
“‘Government restrictions on the construction of new housing are making it difficult for supply to keep up with demand,’ Stansel told CBS MoneyWatch. ‘That housing shortage is driving prices higher than they would otherwise have been.'”Other cities like Seattle are likely still struggling with inflation because of minimum wage hikes that have added higher labor costs to local businesses, Stansel said.”
To read the entire CBS News article, click HERE.