In Philadelphia, inflation soared more than 5% in one year – Which major US cities saw a similar increase?
Of 14 major cities reporting October data, consumer prices rose 5.6% in the Philadelphia area, according to the Labor Department.
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The consumer price index jumped 6.2% from a year ago in October, the most since December 1990, according to Labor Department data released November 10.
Source: US Bureau of Labor Statistics (percentage change in CPI from October 2020 to October 2021)
Consumer prices rose fastest in Atlanta, Saint Louis and Phoenix. Residents of the Atlanta area are experiencing the worst inflation among major US cities, with prices in October up 7.9% from a year ago, more than double the rate in San Francisco.
The cities are above the national average of 6.2%, which was itself the fastest annual rate since 1990 in the county. “The figures highlight a pandemic-era divide, with searing inflation in areas that drew people in during the Covid-19 crisis and more subdued increases in cities on the east coast and the west coast they fled,” according to Bloomberg.
In the Philadelphia area, transportation costs soared 17.8% and clothing prices rose 5% from a year ago, the data showed.
Interestingly, fruit and vegetable prices were down 7.2% from a year ago, and dairy and related product prices were down 0.4%.
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Jay Hatfield, founder and managing director of Infrastructure Capital Advisors, told GOBankingRates that the October numbers reiterate his belief that the Fed has “lost control of inflation.”
“We expect the real inflation rate to be above double digits right now, as the Fed’s ultra-loose policy has pushed house prices up to a record 19.7% year-over-year and rents are rising more than 10% per year for the first time since the 1970s,” Hatfield said. “In addition, energy prices are up 40% in the last 3 months and food prices are accelerating.”
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