These are the 15 US cities that are being hit hardest by inflation right now

Denver was ranked as having the fastest-rising inflation in a WalletHub study.

f11photo/Shutterstock

WalletHub ranked US cities by changes in inflation over the past month and year.
Denver was ranked as having the worst inflation problem in the country.
The Fed’s interest rate cuts might influence how inflation continues to rise.

The Federal Reserve is expected to cut interest rates again Wednesday in efforts to stimulate a slowing labor market.

The decision comes amid a blackout of federal economic reports due to the ongoing government shutdown, which has indefinitely delayed the September jobs report, a key indicator that often guides the Fed’s decisions to cut interest rates.

Last month, the Federal Reserve cut interest rates after the August jobs report painted a dire picture of the labor market, with more job seekers than openings throughout the country.

While the potential rate cut will likely aim to stimulate hiring, it could also contribute to rising inflation rates across the country.

In a study released on October 24, WalletHub examined how inflation is affecting people across the US by comparing the month-over-month and year-over-year price increases 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 measures changes in the price of goods purchased by US consumers and is used by the central bank to measure inflation and set interest rates — sits at 2.7% according to August data from the Bureau of Economic Analysis. This measure exceeds the Fed’s long-term 2% target.

The Bureau of Labor Statistics, on the other hand, reported that prices for consumers had increased an average of 3% over the past year across all categories, including food and energy, per the September release of consumer price index data on October 24.

Here’s how prices have increased recently in the 15 US cities that have been hit the hardest by rising inflation.

15. Honolulu

Month-over-month change: 0.50%

Change from last year: 2.20%

In the study, the Honolulu metropolitan area was ranked as having the 15th-fastest rise in inflation.

14. San Francisco

san francisco skyline — f11photo/Shutterstock

Month-over-month change: 0.40%

Change from last year: 2.50%

The San Francisco-Oakland-Hayward metropolitan area in California ranked as the 14th-fastest rising metro in the WalletHub study.

13. Baltimore

The Baltimore skyline at dusk. — Maryland received top-10 rankings in every category.

Sean Pavone/Shutterstock

Month-over-month change: 0.30%

Change from last year: 2.80%

WalletHub ranked the Baltimore-Columbia-Towson metropolitan area as the 13th-fastest rising metro.

12. Phoenix

phoenix arizona skyline — Sean Pavone/Shutterstock

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 12th-fastest rise in inflation.

The metro also experienced the third-highest month-to-month rise in the past month among the regions measured in the study.

11. Riverside, California

Month-over-month change: 0.20%

Change from last year: 3.60%

The Riverside-San Bernardino-Ontario region in California was ranked 11th on the WalletHub study. It also saw the second-highest rise from a year ago.

10. San Diego

San Diego, California cityscape at the Gaslamp Quarter.

Sean Pavone/Shutterstock

Month-over-month change: 0.10%

Change from last year: 3.90%

The San Diego area, including the nearby city of Carlsbad, was ranked as having the 10th-fastest-rising inflation. The area also had the highest year-over-year increase in the study.

9. New York City

New York City skyline.

TTstudio/Shutterstock

Month-over-month change: 0.50%

Change from last year: 3.00%

New York City and its surrounding areas, including Newark and Jersey City, were ranked as having the ninth-fastest rising inflation.

8. Anchorage, Alaska

Month-over-month change: 0.80%

Change from last year: 2.40%

The WalletHub study found that Anchorage and urban Alaska had the eighth-fastest-rising inflation in the country. The region tied with Washington, DC, and Minneapolis for the third-highest monthly increase.

6. (tie) Philadelphia

Philadelphia skyline. — Abbamonte isn’t a fan of the local delicacy Philadelphia is known for.

Jon Lovette / Getty Images

Month-over-month change: 0.50%

Change from last year: 3.30%

The Philadelphia metropolitan area, which spans parts of Pennsylvania, New Jersey, Delaware, and Maryland, and includes towns such as Camden and Wilmington, was ranked as having the sixth-fastest-rising inflation in the country, tied with Washington, DC. It also had the fifth-highest inflation rate change from last year.

6. (tie) Washington, DC

Month-over-month change: 0.80%

Change from last year: 2.50%

The nation’s capital and its surrounding suburbs and cities in Virginia, Maryland, and West Virginia, like Arlington and Alexandria, saw the sixth-fastest-rising inflation in a tie with Philadelphia and its surrounding suburbs.

While Philadelphia experienced a higher rise over the past year, Washington, DC, saw a greater month-over-month increase.

5. Minneapolis

Month-over-month change: 0.80%

Change from last year: 2.60%

The Minneapolis, St. Paul, and Bloomington metropolitan region in Minnesota and Wisconsin was ranked as having the fifth-fastest rising inflation in the country, having the fourth-highest month-over-month rise in inflation of all the cities studied.

4. Boston

Boston, Massachusetts.

Sean Pavone/Shutterstock

Month-over-month change: 0.70%

Change from last year: 3.30%

The Boston metropolitan area, including other areas in Massachusetts and New Hampshire like Cambridge and Newton, has the fourth-fastest rising inflation.

The region also saw the fourth-highest year-over-year rise in inflation in the study.

3. Chicago

A view of the Chicago skyline with the Chicago River running down the middle of the frame. — Chicago was ranked the No. 10 city for entertainment and recreation.

Moses P/Shutterstock

Month-over-month change: 0.90%

Change from last year: 2.90%

Chicago and its surrounding suburbs in Illinois, Indiana, and Wisconsin, including Naperville and Elgin, were ranked third in the study. The region experienced the second-highest month-over-month rise in inflation among the cities analyzed.

2. Los Angeles

An overview of downtown Los Angeles. — Los Angeles.

Michael Lee/Getty Images

Month-over-month change: 0.70%

Change from last year: 3.50%

WalletHub ranked Los Angeles and its surrounding areas, including Long Beach and Anaheim, as having the second-fastest-rising inflation in the nation. The region also saw the third-highest rise in inflation over the past year.

1. Denver

denver, colorado — f11photo/Shutterstock

Month-over-month change: 1.00%

Change from last year: 3.50%

The Denver metropolitan area, including Aurora and Lakewood, 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.

Read the original article on Business Insider

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