In which US cities has the cost of living increased the most since 2020?

In which US cities has the cost of living increased the most since 2020?

  • Go Banking Rates was given the task of investigating which are the cities where the costs of living have increased the most and the result was the following

The latest report from the Office of Labor Statistics (IRS, for its acronym in English) reported that inflation in the United States had reached 8.3% during the month of August; It came from 8.5% during the month of July. And although the last few months have seen an increase in the largest price index, the increases have been coming for several years. That is why in Globe Live Media we are going to tell you which are the cities in the United States that have been most affected by the costs of living, from 2020, to date.

According to a recent survey by publicly traded property and casualty insurance company Chubb, 59% of Americans said they were concerned about the cost of living. What we must recognize is that prices have become much more expensive in some areas than in others.

The fluctuating prices in different cities can be due to various factors: to begin with, in urbanized areas prices are always higher, in those cities where you are close to areas that produce oil and gas, they may have higher energy costs. low. Those that are further away from farms and food production, grocery bills have a greater impact.

To get a clearer idea of ​​everything that has happened, in terms of prices, since 2020, Go Banking Rates took on the task of compiling data from the BLS Consumer Price Index in the main metropolitan areas of the country to to account for in which areas the cost of living has increased the most since 2020. Taking all this as a reference, the five cities where the most changes in costs have been seen have been as follows:

1.- Urban Alaska (Anchorage)

It had a CPI in 2022 of 269. According to Go Banking Rates research there was a percentage change of 19.4%. In this area, residents can pay high costs for food and transportation, as there is not much public transportation at hand. Also heating services and utilities can be high due to winter weather.

2. Atlanta

It had a CPI in 2022 of 292. According to Go Banking Rates research the zone had a percentage change of 19%. In addition to experiencing a high consumer price index, Atlantans are being affected by the large number of people moving to the area, putting pressure on supplies and resources.

3.- Tampa, Florida

During 2022, it had a CPI of 277. Go Banking Rates research indicates that the zone had a percentage change of 18.6%. Although the Tampa metropolitan area remains one of the most affordable places to live in the United States, its cost of living is among the top three in the country that are increasing in rate.

4. Phoenix

During 2022, it had a CPI of 173, which means a change of 18.4%. Inflation rates in the metropolitan area have become among the highest in the entire country, reaching 12.3% in the month of June.

5. Riverside, Calif.

During 2022, it had a CPI of 125, which means a percentage change of 16.4%. Although it surpasses Phoenix in affordability, it has seen a significant increase in the prices of services and basic products.