Study Finds This Minnesota City To Be USA’s Hardest-Hit By Inflation

A recent study by WalletHub has found a Minnesota city to be the hardest-hit in the country when it comes to inflation.

WalletHub:

In order to determine how inflation is impacting people in different cities, WalletHub compared 23 MSAs (Metropolitan Statistical Areas) across two key metrics involving the Consumer Price Index, which measures inflation. The metrics are listed below, along with their corresponding weights. We then determined each MSA’s weighted average across the metrics and used the resulting scores to rank-order our sample.

For each MSA in the sample, we used the latest data available from the Bureau of Labor Statistics. For some MSAs, there is a one-month lag on the data available.

-Consumer Price Index Change (Latest month vs 2 months before): Full Weight (~50.00 Points)

-Consumer Price Index Change (Latest month vs 1 year ago): Full Weight (~50.00 Points)

Using these metrics, WalletHub determined Minneapolis, Minnesota to be the city most affected by inflation. Minneapolis has seen a 1.3% increase in the Consumer Price Index vs two months ago and a 3.5% increase in the CPI since August of 2023.

Right behind Minneapolis is Chicago, followed by Detroit, Honolulu and New York City.

Of the 23 area surveyed, Anchorage was found to be the least affected by inflation, followed by Phoenix, Riverside (CA), Atlanta and San Francisco.

WalletHub says the United States inflation rate hit a 40-year high after the pandemic but has since settled down. The year-over-year inflation rate is currently 2.5% (as of August), which is still above the target rate of 2%.