Saturday 12 November 2022 01:35 AM Are YOU being hit by inflation hardest? Map shows where cost of living is ... trends now
Some cities and states are battling the ongoing inflation crisis in the US better than others, according to the Bureau of Labor Statistics.
On Thursday, it was announced that inflation moderated in the United States last month, in a sign that the price increases that have hammered Americans are easing as the economy slows and consumers grow more cautious.
Despite the good news, figures from the Bureau of Labor Statistics show that some cities are still considered to be hotbeds of inflation.
In October, Phoenix reported an inflation rate of 12.1 percent on certain goods. That's down 0.9 percent from the city's record high of 13 percent which was reported earlier this year.
It's believed that inflation is hitting the area hardest because Phoenix is also one of the fastest-growing places in the country - meaning that food, gas, and housing supplies can't keep up.
New data from the Bureau of Labor Statistics shows the cities where inflation is hitting the hardest
According to Redfin, the average price of a home in Phoenix was up nine percent in September compared against the same time last year.
Jim Rounds, an economist and policy analyst at Rounds Consulting, told 12News about Arizona's struggles: 'These are unusual times and these are unusual conditions.
'When the economy is in a mess, and there's a lot to fix, it just takes longer to fix. Arizona and the greater Phoenix area are just unique in that we're also high growth, and that puts extra strain on it.'
Other cities battling high inflation rates include Atlanta, where prices are up 10.7 percent and Miami where prices are up 10.1 percent.
As a whole, the Republican led states of Georgia and Florida have seen prices rise at a rate of 8.3 percent.
That's the same number being seen in South Carolina, North Carolina, Maryland, Virginia and West Virginia.
Moving westward, Texas, Oklahoma, Arkansas and Louisiana, are seeing slightly higher inflation, with 8.4 percent being reported.
Up north, New York, New Jersey, Pennsylvania and Delaware reported rates of 6.8 percent, below the national average.
The consumer price index rose 7.7 percent in October from a year ago, marking the fourth straight month of declines from the 40-year high of 9.2 percent reached in June.
Core inflation, excluding volatile food and energy prices, dipped to 6.3 percent on an annual basis, after hitting a four-decade high of 6.6 percent in September.
The numbers were all lower than economists had expected and Wall Street reacted positively, with the Dow Jones Industrial average gaining 750 points, or 2.31 percent, at the open and rising to 33,264.
Annual inflation in the US remained stubbornly high at 7.7 percent last month, but dipped for the fourth straight month
As the mortgage rate has ticked up and home prices have ticked down, the US housing market has cooled significantly since the days of the pandemic boom. October home sale prices are not yet in as the mortgage rate skyrocketed to over 7% during some weeks
Gasoline prices rose again in October, after several months of declines from June's peak
'Today's CPI reading for October is a good sign for consumers who have
