States hardest hit as inflation hits 40-year high
(NEXSTAR) – Inflation in the United States hit a 40-year high in March 2022, with the government’s consumer price index rising 8.5% from the same period last year. Still, some parts of the country are feeling the pinch of inflation more than others.
According to the Consumer Price Index, the Southern states, as a whole, saw the largest increase – 9.1% – in inflation between March 2021 and March 2022. The West saw the second worst up, with a change of 8.7% followed by the Midwest at 8.6%.
Last month, those rankings were the same – the South suffered the biggest spike in the 12 months ending in February 2022 at 8.4%, followed closely by the West and the Midwest.
In the most recent report, states in the Mountain West subregion — from Montana to southern New Mexico — were the hardest hit with a 10.4% change over the past year. Following Mountain West is the West South Central subregion — Texas, Oklahoma, Arkansas and Louisiana, according to the Census Bureau — with inflation peaking at 9.5% over the past year.
Of the 23 metropolitan areas for which the Labor Department provides data, Tampa-St. The Petersburg-Clearwater, Florida area was the hardest hit by inflation since March 2021, rising 10.2%. Between January and March alone, the region saw a spike of 2.1%. Close behind was Riverside-San Bernardino-Ontario, California, with a 10% increase.
The Consumer Price Index shows that the New York-Newark-Jersey City area saw the smallest year-over-year inflation spike at 6.1%.
| Region | % change from March 2021 | % change from January 2022 |
|---|---|---|
| Boston-Cambridge-Newton, MA-NH | 7.3 | 1.9 |
| Dallas-Fort Worth-Arlington, TX | 9 | 3 |
| Denver-Aurora-Lakewood, CO | 9.1 | 2 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 8.2 | 2.1 |
| Riverside-San Bernardino-Ontario, CA | ten | 2.7 |
| San Diego-Carlsbad, California | 7.9 | 2.1 |
| Tampa-St. Petersburg-Clearwater, Florida | 9.6 | 2.1 |
| urban hawaii | 7.5 | 2.4 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 7.3 | 1.9 |
Of the 14 areas with data available since February 2022 rather than March 2022, the Phoenix-Mesa-Scottsdale, Arizona area was the hardest hit, with a 10.9% increase. The San Francisco-Oakland-Hayward, California region saw the smallest spike in inflation between February 2021 and February 2022 at 5.2%.
| Region | % change Feb. 2021-2022 | Variation in % Dec. 2021-Feb. 2022 |
|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI | 7.1 | 1.7 |
| Los Angeles-Long Beach-Anaheim, CA | 7.4 | 1.4 |
| New York-Newark-Jersey City, NY-NJ-PA | 5.1 | 1.4 |
| Atlanta-Sandy Springs-Roswell, Georgia | 10.6 | 2.3 |
| Baltimore-Columbia-Towson, MD | 9.3 | 1.3 |
| Detroit-Warren-Dearborn, MI | 7.5 | 1.1 |
| Houston-The Woodlands-Sugar Land, TX | 7.8 | 2.1 |
| Miami-Fort Lauderdale-West Palm Beach, Florida | 9.8 | 3.3 |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 7.3 | 1.5 |
| Phoenix-Mesa-Scottsdale, AZ | 10.9 | 2.1 |
| San Francisco-Oakland-Hayward, California | 5.2 | 1.4 |
| Seattle-Tacoma-Bellevue, WA | 8.1 | 1.7 |
| St. Louis, MO-IL | 8.2 | 1.1 |
| urban alaska | 7.4 | 1.1 |
Across the economy, the year-over-year price spikes were widespread. Gasoline prices have climbed 48% over the past 12 months. Used car prices soared 35%, although they actually fell in February and March. Bedroom furniture is up 14.7%, men’s suits and coats 14.5%. Grocery prices jumped 10%, including increases of 18% for bacon and oranges.
The Associated Press contributed to this report.
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