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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 St. Louis and Phoenix metro areas also saw inflation above 7% last month, data from the Bureau of Labor Statistics show. The cities are above the national average of 6.2%, which itself was the fastest annual pace since 1990 in the county. By contrast, prices in San Francisco and New York rose 3.8% of 4.3%, respectively.
Inflation is well above the national average in Atlanta
October inflation data was only available for 14 major cities as of Tuesday, so it’s possible other metropolitan areas saw even higher inflation than Atlanta. 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. Transportation costs are leading the way in Atlanta, whose residents paid 21% more for expenses including fuel and vehicles than they were a year ago, the data show. Georgia’s capital also saw outsize gains in the price of clothes, up 11%, as well as recreation and housing.
The nation’s soaring prices could pressure the Federal Reserve to raise interest rates sooner than expected, while also putting President Joe Biden’s nearly $2 trillion tax-and-spending package in further jeopardy in Congress. Democratic Senator Joe Manchin, whose potential vote on the package could be pivotal in a Senate divided 50-50 between Democrats and Republicans, on Wednesday said in a tweet that the “threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse.”
bloomberg
Inflation is well above the national average in Atlanta
October inflation data was only available for 14 major cities as of Tuesday, so it’s possible other metropolitan areas saw even higher inflation than Atlanta. 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. Transportation costs are leading the way in Atlanta, whose residents paid 21% more for expenses including fuel and vehicles than they were a year ago, the data show. Georgia’s capital also saw outsize gains in the price of clothes, up 11%, as well as recreation and housing.
The nation’s soaring prices could pressure the Federal Reserve to raise interest rates sooner than expected, while also putting President Joe Biden’s nearly $2 trillion tax-and-spending package in further jeopardy in Congress. Democratic Senator Joe Manchin, whose potential vote on the package could be pivotal in a Senate divided 50-50 between Democrats and Republicans, on Wednesday said in a tweet that the “threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse.”
bloomberg
