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Inflation is burning holes in pockets across America — but how big that hole is depends on where you live, and residents of Phoenix, Arizona, feel the pain of rising prices worst of all, researchers say.
The sprawling metropolitan area, which also includes Mesa and Scottsdale, is feeling the impact of rising prices more sharply than anywhere else in the US, according to a study by personal financial website WalletHub.
As one of the fastest-growing areas in the country, Phoenix is experiencing higher inflation as food, gas and housing can’t keep up, and labor shortages are pushing up wages, exacerbating the problem.
Atlanta, Miami, Tampa and Baltimore round out the top five cities to witness above-average price increases for groceries, gasoline, rent and other items, followed by the federal government’s consumer price index (CPI).
America’s Inflation Hot Spots: REVEALED
A July homeless camp in Phoenix, Arizona. One of the fastest growing cities in the US suffers from higher inflation as food, gas and housing can’t keep up
Prices of everyday items are up 8.2 percent from a year ago, a figure that remains poignantly high
Jill Gonzalez, an analyst involved in the study, said inflation rose faster in some places than others.
“The main factors currently driving inflation are the supply chain disruptions caused by the pandemic, energy price swings and the general uncertainty and instability caused by the war in Ukraine,” Gonzalez told DailyMail.com.
The study comes in the run-up to the midterm elections, when voters will decide which party will control Congress for the next two years, and inflation will hurt President Joe Biden’s Democratic Party.
Inflation accelerated in September, with the cost of housing and other necessities adding pressure on households, wiping out wage gains and ensuring that the Federal Reserve will continue to push interest rates aggressively.
The government said this week that prices were up 8.2 percent from a year ago, a figure that remains alarmingly high but marked another drop from the recent peak of 9.1 percent recorded in June. reaches.
WalletHub compared inflation in 23 major metropolitan areas – looking at increases in the CPI, a basket of consumer goods and services used by most households, in those areas over the past year.
Anchorage, Alaska’s largest city with a population of more than 290,000, fared best — prices appear to have peaked there and started to fall again, researchers said, bringing relief to consumers.
San Francisco, Washington DC, New York and Denver rounded out the five metropolitan areas least affected by inflation.
Inflation has, among other things, swollen household groceries, rent and energy costs, causing hardship for many and increasing pessimism about the economy, despite strong job growth and historically low unemployment.
As the Nov. 8 election approaches, Americans are increasingly taking a dim view of their finances, according to a poll this week by The AP-NORC Center for Public Affairs Research.
About 46 percent of people now describe their personal financial situation as bad, compared to 37 percent in March. That significant drop contrasts with the mostly steady readings that the pandemic had lasted.
A customer pumps gasoline at an Exxon gas station in Miami, Florida, one of the nation’s most inflation-ridden cities
Navigator, another pollster, found that Americans are gloomy about the economy, concerned about the cost of basic daily necessities, and the proportion saying they are now paying more for gas compared to a few weeks ago has skyrocketed.
Nearly four in five Americans say grocery costs have risen “significantly,” the report said.
Americans are more concerned about an economic recession than anything else, the survey found — including mass shootings, violent crime and the migration and drug trafficking crisis on the southern border.
Thursday’s government report marked the final inflation figures for the midterm elections after a campaign season in which rising prices have fueled public fears, with Republicans blaming Biden and Congressional Democrats.
Speaking in Los Angeles, California, on Thursday, Biden acknowledged the pain inflation is causing many people, suggesting the latest numbers showed “some progress.”
“Americans are weighed down by the cost of living,” the president said.
“It’s been like this for years and people don’t have to read a report to say they’re being tricked. Fighting this battle every day is an important reason why I ran for president.”