Are YOU suffering the most from inflation? The map shows the places where the cost of living has hit the hardest


According to the Bureau of Labor Statistics, some cities and states are coping better than others with the ongoing inflation crisis in the United States.

U.S. inflation eased last month, it said on Thursday, indicating that price increases hitting Americans have eased as the economy slows and consumers grow more cautious.

Despite the good news, figures from the Bureau of Labor Statistics show that some cities are still considered hotbeds of inflation.

In October, Phoenix reported inflation of 12.1 percent for some goods. That’s down 0.9 percent from the city’s record high of 13 percent reported earlier this year.

Inflation is believed to have hit the region the hardest because Phoenix is ​​also one of the fastest-growing places in the country, meaning food, gas and housing supplies can’t keep up.

New data from the Bureau of Labor Statistics shows the cities hit hardest by inflation

The average price of a home in Phoenix rose nine percent in September compared to the same period last year, according to Redfin.

The average price of a home in Phoenix rose nine percent in September compared to the same period last year, according to Redfin.

According to Redfin, the average price of a home in Phoenix rose nine percent in September compared to the same period last year.

Jim Rounds, an economist and policy analyst at Rounds Consulting, told 12News about Arizona’s struggles: “These are extraordinary times and extraordinary circumstances.

“When the economy is in a mess and there’s a lot to fix, it takes longer to fix. Arizona and the greater Phoenix area is just unique in that we’re also highly developed, and that adds an extra strain to it.

Other cities struggling with high inflation include Atlanta, where prices rose 10.7 percent, and Miami, where prices rose 10.1 percent.

Overall, prices rose 8.3 percent in the Republican-led states of Georgia and Florida.

That’s the same number in South Carolina, North Carolina, Maryland, Virginia and West Virginia.

Moving west, Texas, Oklahoma, Arkansas and Louisiana reported slightly higher inflation at 8.4 percent.

In the North, New York, New Jersey, Pennsylvania and Delaware reported rates below the national average of 6.8 percent.

The consumer price index rose 7.7 percent in October from a year earlier, the fourth straight month of decline from the 40-year high of 9.2 percent reached in June.

Core inflation eased to 6.3 percent on an annual basis after hitting a four-decade high of 6.6 percent in September, reflecting volatile food and energy prices.

The numbers were all lower than economists had expected and Wall Street reacted positively, with the Dow Jones Industrial Average gaining 750 points, or 2.31 percent, to 33,264 at the open.

Annual US inflation remained stubbornly high at 7.7 percent last month, but fell for a fourth straight month.

Annual US inflation remained stubbornly high at 7.7 percent last month, but fell for a fourth straight month.

As mortgage rates rise and home prices fall, the US housing market has cooled significantly since the pandemic boom days.  October home sales prices are still not included as mortgage rates have been above 7% for several weeks.

As mortgage rates rise and home prices fall, the US housing market has cooled significantly since the pandemic boom days. October home sales prices are still not included as mortgage rates have been above 7% for several weeks.

Gasoline prices rose again in October after several months of decline from their peak in June

Gasoline prices rose again in October after several months of decline from their peak in June

“Today’s CPI reading for October bodes well for consumers who have struggled to absorb inflation’s continued squeeze on household budgets over the past few months,” said Scott Brave, head of economic analytics at decision intelligence firm Morning Consult.

Brave added that the latest report, along with other recent data, “suggests that households received a welcome reprieve from the sting of inflation last month.”

Used-car prices fell 2.4 percent from September to October, rising last year as a shortage of computer chips sharply reduced the availability of new cars.

And utility prices eased thanks to a 4.6 percent month-over-month decline in natural gas utility prices as natural gas prices fell from their recent peaks.

However, gasoline prices rose 4 percent between September and October, reversing three months of monthly declines.

The dollar fell for a second day on Friday as investors turned to riskier currencies after signs of cooling U.S. inflation.

The dollar’s weakness on Friday was an extension of a move that began after data on Thursday showed U.S. consumer inflation rose 7.7 percent year-on-year in October, the lowest since January and 8 percent below forecasts.

Against a basket of currencies, the dollar fell nearly 3.8 percent in two sessions, accelerating to its biggest two-day loss since March 2009.

Strategists said the U.S. currency’s long rally over the past two years had drawn many dollar bulls into crowded positions, and Thursday’s data had many of them looking for a quick exit, strategists said.

“It’s not just the short-term trend followers, it’s the momentum players that need to exit positions, but some long-term structural long dollar positions need to be opened,” said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.

The dollar fell 1.7 percent to 138.55 yen against the Japanese yen, while the euro rose 1.46 percent to 1.036 dollars against the US dollar.

Fed Chairman Jerome Powell is seen above.  Many economists warn that the Fed, which continues to aggressively tighten credit, could trigger a recession next year.

Fed Chairman Jerome Powell is seen above. Many economists warn that the Fed, which continues to aggressively tighten credit, could trigger a recession next year.

“The dollar is one of the overvalued markets – we have a strong chance of seeing a top,” Jim Cielinski, global head of fixed income at Janus Henderson Investors, told the Reuters Global Markets Forum on Friday.

Still, some strategists cautioned that dollar bears remain vulnerable to a possible near-term rebound.

“Yes, more people were convinced that the dollar had peaked, but the move was so sharp that I discouraged people from chasing it,” said Bannockburn’s Chandler.

The dollar found little support on Friday from survey data that showed U.S. consumer sentiment fell in November, weighed down by persistent concerns about inflation and higher borrowing costs.

The risk-sensitive Australian and New Zealand dollars rose 1.4 percent and 1.6 percent against the greenback, respectively.

Investors’ risk appetite got a further boost from Chinese health authorities easing some of the country’s strict COVID-19 restrictions, including shortening quarantine times for close contacts and arriving travelers.

Sterling, meanwhile, rose 1.22 percent to $1.1853 against the dollar after U.K. data showed the economy did not contract as much as expected in the three months to September, although it could still be in a long-term recession.

The dollar fell 2.4 percent against the Swiss franc to 0.94025 francs after Swiss National Bank President Thomas Jordan said on Friday the bank was ready to take ‘all necessary measures’ to bring inflation down to its 0-2% target range.

Cryptocurrencies have been under pressure from the ongoing turmoil in the cryptocurrency world since the fall of the stock exchange FTX. FTX’s native token, FTT, last fell 26.7 percent to $2,731, bringing its losses for the month to nearly 90 percent.

Bitcoin fell 4.6 percent to $16,747.



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