The latest inflation data shows that Americans are experiencing vastly different inflation rates depending on where they live in the US. The Labor Department’s October inflation report revealed that the consumer price index increased 2.6% from a year ago, in line with expectations. However, the pace of inflation is much faster in certain regions than others.
The Northeast region saw 3.5% inflation in October, the fastest of the four geographic regions analyzed by the Bureau of Labor Statistics. Within this region, New England and the Middle Atlantic had 3.3% and 3.6% inflation rates, respectively. New York had the highest metro area inflation rate, with a 4% year-over-year increase.
The Midwest region had 2.6% year-over-year inflation in October, slightly higher than the 2.5% reading a month ago. The South experienced a similar inflation rate of 2.5% in October, but price growth accelerated more quickly and was up from 2.1% in September. The West region experienced the slowest inflation of the four regions, with a 2.1% annual rate, unchanged from the prior month.
The report also showed that inflation is not uniform across all cities and metropolitan areas. Inflation was the hottest in the New York metro area, with a 4% year-over-year increase, followed by Chicago, Philadelphia, and Baltimore. Miami had the highest inflation rate in the South, with a 2.7% rate. Los Angeles and Seattle had the highest inflation rates in the West, with 3% year-over-year increases.