In Philadelphia, Inflation Spiked Over 5% in a Year — Which Major US Cities Experienced Similar Increase?
Of 14 major cities reporting October data, consumer prices climbed 5.6% in the Philadelphia area, according to the Labor Department.
The consumer price index surged 6.2% from a year ago in October, the most since December 1990, according to Labor Department data released November 10.
Source: U.S. Bureau of Labor Statistics (CPI percent change from Oct. 2020 to Oct. 2021)
Consumer prices have climbed fastest in Atlanta, Saint Louis and Phoenix. Residents of the Atlanta area are experiencing the worst inflation among major U.S. cities, with October prices 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 itself was the fastest annual pace since 1990 in the county. “The numbers highlight a pandemic-era divide, with scorching inflation in regions that have attracted people during the Covid-19 crisis and more moderate increases in the East Coast and West Coast cities they fled,” according to Bloomberg.
In the Philadelphia area, transportation costs climbed 17.8%, and clothing prices were up 5% from a year ago, according to the data.
Interestingly, the prices for fruit and vegetables went down 7.2% compared to last year, and the price of dairy and related products went down 0.4%.
Jay Hatfield, founder and chief executive at Infrastructure Capital Advisors, told GOBankingRates that October’s numbers reiterates his belief that the Fed has “lost control of inflation.”
“We forecast that true run-rate inflation is currently over 10% as ultra-loose Fed policy has driven housing prices up at a record rate of 19.7% y/y and rents are increasing at over 10% per year for the first time since the 70s,” Hatfield stated. “In addition, energy prices are up 40% over the last 3 months and food prices are accelerating.”
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