Cities Hit the Worst by Inflation
Inflation is hitting just about everyone hard, but some cities are definitely getting it worse than others. Between the rising costs of gasoline to a gallon of milk, just about everything is getting more expensive.
Inflation is hitting just about everyone hard, but some cities are definitely getting it worse than others. Between the rising costs of gasoline to a gallon of milk, just about everything is getting more expensive. And to put things in perspective for the kiddos, nothing on McDonald's Dollar menu is actually just $1.
Inflation in an economy is perfectly normal. In its broadest term, inflation refers to the rise prices and consumer goods over time. Inevitably it changes, so the value of a dollar now is not as much as it was 20 or even 10 years ago. Ideally, inflation occurs at a rate of less than 2%, but recently it seems to be much higher. But how do we really measure it? Curious about how the rising costs of living are affecting people across the country, we decided to do some investigating.
Looking at the Consumer Price Index is one of the most effective ways to calculate inflation. It is a weighted average of consumer spending that measure price changes over a period of time. WalletHub compiled a list for February 2023, Cities Where Inflation is Rising the Most, that measured the consumer price index for two months and one year prior, determining what cities were hit the hardest. We used this data for our list.
And with that said, here are the Cities Hit the Worst by Inflation...
Minneapolis
Minneapolis, Minnesota is the first on our list, ranking number 15 on our list of the cities with the worst inflation. It is tied with both St. Paul, Minnesota and Bloomington, Wisconsin.
The city saw a consumer price index change of 0.50% in the latest month versus two months before. And versus the last year, there has been a 5.10% consumer price index change.
To give an idea of just how expensive things have become due to inflation, we decided to look at how much a gallon of milk costs in the city of Minneapolis, and the results were shocking.
According to the USDA, the current retail price for milk in Minneapolis is at $5.36 per gallon!