Inflation slows, but the San Francisco Bay Area won’t feel it
Inflation in the United States may be slowing, but a new report from Wallethub says the San Francisco Bay Area is in the top four in the nation for fighting inflation.
SAN FRANCISCO – Inflation in the United States may be slowing, but a new report from WalletHub says the San Francisco Bay Area is in the top four in the nation for fighting inflation.
To determine how inflation is affecting people in different cities, WalletHub compared 23 major metropolitan areas on two key metrics related to the Consumer Price Index (CPI), which measures inflation.
The personal finance company compared the CPI over different time frames to get a picture of how inflation has changed in the short and long term for the cities studied.
The latest Consumer Price Index report says inflation did not increase nationally from last month, for the first time all year. It remains at 3.3%, which means that all the places where you spend your money are about 3.3% more expensive than in May 2024.
Core inflation, which excludes food and energy, rose by just 2%, lower than expected.
“The big bug in the numbers was what they call housing. Housing-related costs still appear to be very high, over 5% about 5.4% on a year-over-year basis, of course, those of us in the Bay Area they know it’s a disturbing reality,” James McBride of McBride Group Investment First told KTVU.
WalletHub: Cities with the Biggest Inflation Problems
- Detroit-Warren-Dearborn, MI
- Dallas-Fort Worth-Arlington, Texas
- Urban Honolulu, Hawaii
- San Francisco-Oakland-Hayward, California
- Seattle-Tacoma-Bellevue, Washington
- Anchorage, Arkansas
- Miami-Fort Lauderdale-West Palm Beach, Florida
- St. Louis, Missouri
- New York-Newark-Jersey City, New York, New Jersey
- Philadelphia-Camden-Wilmington, Pennsylvania, Maryland, Delaware
- Phoenix-Mesa-Scottsdale, Arizona
- Los Angeles-Long Beach-Anaheim, California
- Boston-Cambridge-Newton, Massachusetts, New Hampshire
- Riverside-San Bernadio-Ontario, California
- Chicago-Naperville-Elgin, Illinois
High inflation continues to plague the economy, prompting the Federal Reserve to announce last month that it does not plan to cut interest rates until it has “greater confidence” that price growth is slowing steadily to its target of 2%.
or new report discovered that childcare costs they are now growing at twice the rate of inflation. Meanwhile, a Wall Street Journal report published last month said chains such as Starbucks, Wendy’s and McDonald’s are also feeling the squeeze as consumers move away from their products.
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