Current:Home > reviewsWalletHub: Honolulu city hit hardest by inflation -EquityExchange
WalletHub: Honolulu city hit hardest by inflation
View
Date:2025-04-14 10:58:01
WalletHub released a report Wednesday that showed the cities feeling a disproportionate brunt of inflationary pressure.
The report said that out of 23 cities included in the survey, Honolulu has seen the worst of inflation's effects followed by Miami and the Riverside-San Bernadino combined metro area.
Anchorage, Alaska was found to be the city where inflation had the least effect.
Inflation readings came in hot on Wednesday when overall prices increased 3.5% from a year earlier, up from 3.2% in February, driven largely by the rising cost of rent and gasoline, according to the Labor Department.
"The largest factor is the strong economy with pressure on wages and opportunities for businesses to raise prices to increase profits,” Gerald Friedman, professor of economics at the University of Massachusetts at Amherst, wrote for WalletHub. “Supply-side policies can help, including immigration reform to address labor supply problems. The Inflation Reduction Act was a good first step in addressing corporate greed."
Protect your assets: Best high-yield savings accounts of 2023
Cities dealing with high inflation
WalletHub combined the included metro-areas' Consumer Price Index compared to one year ago and CPI compared to two months ago to produce its score.
Miami and Dallas were tied for highest year over year inflationary measure at 4.9% and Baltimore had the highest rate of inflation on the two-month comparison at 1.7%.
Honolulu, the metro-area with the highest overall score, saw 4.8% inflation on the year over year measure and 1.5% on the two-month comparison. Anchorage, the lowest scoring city, saw a .1% rise in prices year over year but a 1.7% increase in the two-month comparison.
States with the highest inflation
Inflation in Mountain West states like Utah, Idaho and Arizona led the nation at more than 10% in June 2022, according to Moody’s. But skyrocketing housing costs, along with return-to-office mandates, have dampened migration to the area. In February, inflation in the region was among the nation’s lowest at about 2.5%.
By contrast, price increases in California, Hawaii and New York peaked at a relatively modest 7% to 8% in June 2022. People were leaving cities like San Francisco, New York and Honolulu in droves for less expensive and less hazardous areas. But as the pandemic has faded, many people have returned to those cities and fewer are departing, renewing cost squeezes. Inflation is about 3.6% in California and 3.5% in Hawaii, based on Moody’s estimate of the three-month average.
12 month inflation
- Florida: 3.9%
- Tennessee: 3.8%
- Virginia: 3.8%
- South Carolina: 3.6%
- Alabama: 3.6%
veryGood! (27759)
Related
- Could Bill Belichick, Robert Kraft reunite? Maybe in Pro Football Hall of Fame's 2026 class
- Kim Kardashian joins VP Harris to discuss criminal justice reform
- The windmill sails at Paris’ iconic Moulin Rouge have collapsed. No injuries are reported
- Chicago Bears select QB Caleb Williams with No. 1 pick in 2024 NFL draft
- The FBI should have done more to collect intelligence before the Capitol riot, watchdog finds
- United Methodists endorse change that could give regions more say on LGBTQ and other issues
- William Decker's Business Core: The Wealth Forge
- The Best Jean Shorts For Curvy Girls With Thick Thighs
- Buckingham Palace staff under investigation for 'bar brawl'
- Charges against Trump’s 2020 ‘fake electors’ are expected to deter a repeat this year
Ranking
- Can Bill Belichick turn North Carolina into a winner? At 72, he's chasing one last high
- Minneapolis smokers to pay some of the highest cigarette prices in US with a $15 per-pack minimum
- Caitlin Clark Shares Sweet Glimpse at Romance With Boyfriend Connor McCaffery
- Man admits to being gunman who carjacked woman in case involving drugs and money, affidavit says
- B.A. Parker is learning the banjo
- William Decker: Founder of Wealth Forge Institute
- Was there an explosion at a Florida beach? Not quite. But here’s what actually happened
- Kansas man sentenced to 10 years for crash that killed officer, pedestrian and K-9 last February
Recommendation
At site of suspected mass killings, Syrians recall horrors, hope for answers
Caleb Williams goes to the Bears with the No. 1 overall pick in the NFL draft
Dan Rather returns to CBS News for first time since 2005. Here's why
Suspect in fatal shooting of ex-Saints player Will Smith sentenced to 25 years in prison
The Louvre will be renovated and the 'Mona Lisa' will have her own room
These people were charged with interfering in the 2020 election. Some are still in politics today
Tennessee lawmakers OK bill criminalizing adults who help minors receive gender-affirming care
Sophia Bush talks sexuality, 'brutal' homewrecker rumors amid Ashlyn Harris relationship