Cities are being squeezed most by inflation: Miami, Phoenix, Seattle have had ... trends now

Cities are being squeezed most by inflation: Miami, Phoenix, Seattle have had ... trends now
Cities are being squeezed most by inflation: Miami, Phoenix, Seattle have had ... trends now

Cities are being squeezed most by inflation: Miami, Phoenix, Seattle have had ... trends now

Inflation has rocked the United States in the past year, with Miami being hit hardest as the Federal Reserve desperately struggles to corral the soaring cost of living.

Miami, Phoenix, Seattle, Atlanta and Philadelphia finished 2022 with the highest annual inflation rate increases.

Higher energy and housing costs have been cited as the top drivers of inflation, including in Florida, which may be a victim of its own success, as the state is home to four of the top ten most moved to cities in 2022. 

Federal data listed Phoenix's rent increase at 21.9 percent, with Miami at 18.6 percent, after the city saw the highest inbound population increase of any city since the pandemic began. 

Miami was one of four Florida cities to make the top ten among cities with a population of over 150,000 with a move-in rate of 55.2 percent  

Inflation has rocked the United States hard in the past year, with Miami being hit hardest as consumers continue to get priced out

Inflation has rocked the United States hard in the past year, with Miami being hit hardest as consumers continue to get priced out

The top ten was rounded out by New York/Newark, Baltimore, Detroit, St. Louis and Chicago. 

Los Angeles and San Francisco had some of the lowest inflation rates, which may be due to a slowing of people moving to those areas. 

The news comes after the Federal Reserve raised its target interest rate by a quarter of a percentage point, and signaled that even though inflation is easing, it remains high enough to require further hikes. 

The increase announced Wednesday set the US central bank's benchmark overnight interest rate in the 4.50-4.75 percent range, the highest since November 2007, when rates were slashed at the onset of the financial crisis.

Though this increase was smaller than its previous hike - and even larger rate increases before that - the Fed's latest move will further raise the costs of many consumer and business loans, and could increase the risk of a recession. 

In a policy statement, the Fed continued to promise 'ongoing increases' in borrowing costs, a signal that policymakers intend to raise their benchmark rate again when they next meet in March and perhaps in May as well.  

Still, the

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