Where is inflation the highest? Chicago and New York rank near the top
Key Advisors Wealth Management co-founder and CEO Eddie Ghabour looks ahead to the Federal Reserve’s highly anticipated rate decision on ‘Varney & Co.’
Americans are facing vastly different inflation rates depending on where they live in the U.S., with the latest data showing that consumers in the Northeast and Midwest are facing more inflation than their peers in the South and West.
The Labor Department on Wednesday released its inflation report for August which found that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – was up 2.5% from a year ago for the U.S. as a whole, continuing the trend of slowing inflation from recent months.
However, the pace of inflation is much faster in certain parts of the country than it is in other areas.
The Northeast saw 3.4% inflation in August compared to a year ago, the fastest of the four regions analyzed by the Bureau of Labor Statistics and well above the national inflation rate. Within the region, the Middle Atlantic had 3.4% inflation, while New England fared slightly better at 3.3%.
INFLATION RISES 2.5% IN AUGUST, LESS THAN EXPECTED
Chicago had the highest inflation rate among U.S. cities included in the latest Labor Department report. (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)
The Midwest region experienced 2.6% inflation, which was higher than the 2.3% reading in the South. Out West, inflation was 2.2% in August and came in higher for the Pacific region at 2.3% than the Mountain region with 2.0%.
The Labor Department's report also looked at price growth in various cities and metropolitan areas around the country, where the trend of higher inflation in the Northeast and Midwest
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