This Michigan City Has the 2nd-Highest Inflation Rate in the US
We're all feeling the bite of inflation, with higher prices these days for almost every commodity and service you can think of.
But statistically, one Michigan city has it worse than almost every other place in the entire United States.
Though inflation has started to slow slightly due to factors like the Federal Reserve rate hikes, the year-over-year inflation rate was still a whopping 5.0% in March. This high inflation is driven by a variety of factors, including the continued presence of the COVID-19 pandemic, the war in Ukraine and labor shortages. ~ WalletHub
How Researchers Reached Their Conclusions
Researchers with WalletHub crunched the numbers to figure out where in America inflation is rising the most. They looked at nearly two dozen different metros around the country and compared their current Consumer Price Index levels with where they were two months ago and where they were a year ago. (More detailed info about WalletHub's methodology can be found here.)
What they found was that inflation's rising faster in one Michigan city than almost everywhere else in the entire country.
Inflation is Rising More Quickly in Detroit Than Every Other American City But One
In the past year, inflation in Detroit had risen fifth-fastest in the nation. But looking at the past two months, inflation has increased so much in the Motor City that it's now second-worst in the country.
The Consumer Price Index (CPI) rose by 1.9% in the Detroit area from January to March. That ties the city with Houston for the second-fastest rising inflation rate in the country, topped only by Philadelphia, which rose by a 2% over the same period.
Year over year the CPI grew by 7% in Detroit, exceeded only by Phoenix (8.5%); Seattle (8%); Tampa (7.7%); and Atlanta (7.2%).
A Potential Sign of Relief?
One encouraging spot that WalletHub revealed in its data was that inflation actually shrank from January to March 2023 in Los Angeles by 0.2%. It was the only metro area in the nation to actually see a dip in inflation when compared to either two months or a full year ago.