- WalletHub ranked US cities by changes in inflation over the past month and year.
- Tampa was ranked as having the worst inflation problem in the country.
- The Fed's interest rate cut might influence how inflation continues to rise.
The Federal Reserve cut interest in efforts to stimulate a slow labor market, reigniting concerns about rises in inflation.
The decision comes after the August jobs report showed a dire picture of the labor market, with more job seekers than openings throughout the country.
While the rate cut aims to stimulate hiring, it could also contribute to rising inflation rates across the country.
In a study released on September 11, WalletHub examined how inflation is affecting people across the US by comparing how prices have increased month over month and over the past year in two dozen metropolitan areas.
The study then ranked the metropolitan areas based on which had seen a stronger impact of inflation in both the short- and long-term.
Currently, the personal consumption expenditures price index, which the central bank uses to measure inflation and set interest rates, sits at 2.6% according to July data from the Bureau of Economic Analysis. This measure is higher than the Fed's long-term 2% target.
The Bureau of Labor Statistics, on the other hand, reported that prices for consumers had gone up an average of 2.9% over the past year, per the August release of consumer price index data on September 11.
Here's how prices have increased recently in the 10 US cities that have been hit the hardest by rising inflation.
10. Baltimore
Month-over-month change: 0.30%
Change from last year: 2.80%
WalletHub ranked the Baltimore-Columbia-Towson metropolitan area as the 10th-fastest rising metro.
9. Phoenix
Month-over-month change: 0.90%
Change from last year: 1.40%
In the study, the Phoenix-Mesa-Scottsdale metropolitan area was ranked as having the ninth-fastest rise in inflation.
The metro also saw the second-highest month-to-month rise in the past month out of the regions measured in the study, suggesting a recent surge in inflation in the area, which had a slightly lower yearly increase than the national average.
8. New York City
Month-over-month change: 0.30%
Change from last year: 3.20%
New York City and surrounding areas, including Newark and Jersey City, were ranked as having the eighth-fastest rising inflation.
The city's yearly increase was the sixth-highest and sits well above the Fed's 2% target.
7. Riverside, California
Month-over-month change: 0.20%
Change from last year: 3.50%
The Riverside-San Bernardino-Ontario region in California was ranked seventh on the WalletHub study. It also saw the second-highest rise from a year ago.
6. Chicago
Month-over-month change: 0.40%
Change from last year: 3.10%
Chicago and its surrounding suburbs in Illinois, Indiana, and Wisconsin, including Naperville and Elgin, were ranked sixth in the study. The region saw prices rise quickly in the short and long term.
5. Los Angeles
Month-over-month change: 0.40%
Change from last year: 3.30%
WalletHub ranked Los Angeles and the surrounding areas, like Long Beach and Anaheim, as having the fifth-fastest-rising inflation in the nation right now. The region also saw the fifth-highest rise in inflation over the past year.
4. Anchorage, Alaska
Month-over-month change: 0.80%
Change from last year: 2.40%
The WalletHub study found Anchorage and urban Alaska to have the fourth-fastest-rising inflation in the country. The region tied with Philadelphia for the third-highest monthly increase.
3. Philadelphia
Month-over-month change: 0.50%
Change from last year: 3.30%
The Philadelphia metropolitan area, covering parts of Pennsylvania, New Jersey, Delaware, and Maryland and including towns like Camden and Wilmington, was ranked as having the third-fastest-rising inflation in the country. It also tied with urban Alaska in seeing the third-highest short-term rise in the past month.
2. San Diego
Month-over-month change: 0.80%
Change from last year: 4.00%
The San Diego area, including the nearby city of Carlsbad, was ranked as having the second-fastest-rising inflation.
The region also saw the highest yearly inflation rise for a metro area in the past year, per the US Bureau of Labor Statistics' CPI data.
1. Tampa, Florida
Month-over-month change: 1.10%
Change from last year: 3.30%
The Tampa metropolitan area, including St. Petersburg and Clearwater, was ranked as the metro with the fastest-rising inflation in the US, according to the WalletHub study.
The city saw the highest month-to-month rise in the past month, outpacing other metropolitan areas in the study.
