The Morning with Maria panel examines March core CPI, expected Fed rate cuts, and the overall market outlook.
Rising inflation continues to reduce Americans’ purchasing power across the country, but rising prices are impacting some regions more than others.
U.S. prices rose 3.5% in March from a year earlier, marking the third consecutive month of increases, according to the latest Consumer Price Index (CPI) released Wednesday by the Labor Department, and the Federal Reserve’s 2% goal. still significantly exceeded that of the previous year.
Customers shop at a supermarket in Foster City, California, on September 13, 2023. The inflation rate rose for the third consecutive month in March, reaching 3.5% year-on-year. (Li Jianguo/Xinhua News Agency via Getty Images/Getty Images)
CPI is a broad measure of the prices of everyday items such as gasoline, groceries, and rent. WalletHub used statistical data from the Department of Labor to compare 23 metropolitan statistical areas (MSAs) to determine how inflation is impacting people in different parts of the country.
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The cities that WalletHub has determined are most affected by inflation are:
1. Urban Honolulu
Hawaii’s largest city They have been hit the hardest by soaring prices. According to the study, Honolulu’s CPI rose 1.5% in March compared to two months ago and 4.8% compared to a year ago.
2. Miami, Florida – Fort Lauderdale – West Palm Beach
Aerial view of downtown Miami as seen from the Edgewater neighborhood at sunset in Florida. (license/image)
The southeastern tip of the Florida peninsula is experiencing the second-worst inflation in the country. Prices in the Miami-Fort Lauderdale-West Palm Beach area rose 1.4% from January to March, or 4.9% on an annualized basis.
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3. Riverside – San Bernardino – Ontario, California
On the other side of the country, the area around San Bernardino southern california In the MSA, which includes the city of Riverside and Ontario, inflation accelerated by 1.4 per cent in the past two months and by 4.3 per cent compared to a year ago.
4. Missouri/St. Louis, Illinois
The St. Louis Arch visible on the St. Louis skyline on January 13, 2016. (Reuters/Tom Gunnham/Reuters Photo)
of St. Louis area The region on either side of the Missouri-Illinois border ranked fourth in the nation for the highest inflation rate last month. MSA prices in March increased by 1.6% compared to two months ago, and by 3.6% compared to the same month in 2023.
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5. Dallas-Fort Worth-Arlington, Texas
The Dallas-Forth Worth-Arlington region of Texas ranked fifth among the highest prices in March, with CPI up 0.9% from January and 4.9% from last March.
FOX Business’ Megan Henney contributed to this report.
