US Inflation: Eight States Experience High Inflation with Over 7% Rate

US Inflation has started to show signs of cooling after the surging inflations in the previous years.

Consumer Price Index (CPI) revealed that US inflation increased by 0.5% in January, meaning an annual gain of 6.4%. The CPI measures the prices of goods and services, reflecting the spending pattern of consumers and wage earners. THE CPIs are based on prices of food, fuels, clothing, transportation, medical services, and other goods and services.

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According to CNBC, prices of goods and services have been waning in recent months. For instance, there was a slight increase in food costs and energy services – 0.5% and 2.1%, respectively. Other goods and services, such as apparel, medical care commodities, and transportation services, have also increased by 0.8%, 1.1%, and 0.9%, respectively. Additionally, there is a decrease in prices for medical care services at 0.7% and fuel oil at 1.2%.

The Consumer Price Index revealed the US inflation rate in January was 6.4%, significantly lower than the previous years. However, several states remain at a more than 7% inflation rate. (Photo: Dado Ruvic)

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Notable Inflation Rates in Some States

Despite slowing US inflation, some states are still experiencing higher inflation than the average of 6.4%. According to Yahoo Finance, Colorado and Nevada are experiencing the highest inflation growth at 7.4%. Arizona, Florida, Louisiana, Texas, Virginia, and Utah are also experiencing over 7% inflation. Additionally, some metro area in Florida has almost 10% inflation, particularly in Miami-Fort Lauderdale-West Palm Beach.

The latest data from the Bureau of Labor Statistics (BLS) showed a significant increase in annual grocery prices of 11.3%.

Yahoo Finance reports many Americans migrating from high-living-cost states to the Southern States, known for their cheaper living costs. The United States Postal Service revealed that from 2019 to 2021, many Americans in California, New York, Illinois, Massachusetts, and Pennsylvania are moving out. While some states, particularly Texas, Florida, and Georgia, show the most significant inflows of new residents.

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