Chicago faces inflation rate that is among the highest in the country
foxbusiness.comFormer JPMorgan Chase chief economist Anthony Chan reacts to Kamala Harris saying it will be her 'Day One priority' to bring down prices despite already being in office on 'Varney & Co.'
As Democrats gather in Chicago for their national convention, the Windy City is still grappling with inflation that is notably higher than the national average.
The Labor Department reported last month that the consumer price index, a broad measure of how much everyday goods like gasoline, groceries and rent cost, rose 0.2% in July and remains up 2.9% from the same time last year.
But the pace of inflation is much faster in certain parts of the country – including Chicago.
Consumer prices in Chicago surged 0.6% in July from the previous month, triple the national rate, and are up 3.7% when compared with the year-ago period. That marked the second-highest annual rate recorded by a U.S. city.
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Only New York and Dallas, each with an inflation rate of 4.1%, beat out Chicago for the top spot.
Other cities are also experiencing inflation that's well above the national average. Prices were up 3.7% in Washington and up 3.5% in San Diego, Minneapolis and Boston.
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The state of the economy – and inflation – has consistently ranked as a top priority for voters. About 89% of voters said the handling of the economy will be very important or somewhat important in determining who they vote for in the upcoming election, according to a recent Bankrate survey.
Democrats kicked off the first day of their convention on Monday with a number of high-profile speakers, including President Biden. In his speech, Biden
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