These Texas Cities' Skyrocketing Inflation Rates Have Now Surpassed Major California Places
They’re part of the top 10 list and that's not good!
Dallas, Texas, at daylight. Right: Los Angeles, California, at daylight.
Two major Texas cities are being worryingly hit by inflation.
A recent study published today by WalletHub revealed that the Dallas and Houston areas in Texas are part of the top 10 list of U.S. cities where inflation is rising the most, being more affected than already expensive places in California like San Diego and Los Angeles.
The study compared the Consumer Price Index (CPI) for the latest month available to two months prior as well as one year prior. This metric was applied to 23 different metropolitan areas and Texas did not do well.
The metropolitan area of Dallas–Fort Worth–Arlington is the fifth most affected region, surpassing Riverside–San Bernardino–Ontario in California. For the Texas area, the CPI change of the two-month comparison is 1%, while it is 9.40% for the one-year comparison.
On the other hand, the Houston–The Woodlands–Sugar Land area came in number 10, having sky-high inflation at a 0.10% CPI change for the two-month comparison and 9.50% for the one-year comparison, compared to Seattle–Tacoma–Bellevue in Washington at 0%, and 9% for the same periods.
"To borrow from Winston Churchill, raising the interest rate is the worst solution for fighting inflation, except for all the others," said Burton Abrams, Professor Emeritus of Economics, when being asked — as part of the study — about interest raising as a solution to control inflation. "I assume here that raising the interest rate also goes hand in hand with restraining the growth in monetary aggregates."
According to the data, Anchorage in Alaska is the least affected metropolitan area by inflation in the country.
This article's cover image was used for illustrative purposes only.