Inflation breakdown by states and cities

Inflation will ‘peak soon,’ have negative impact on stocks: Wells Fargo head global markets strategist

Wells Fargo head global markets strategist Paul Christopher argues inflation will cause people to ‘dip into their savings’ and ‘buy fewer goods.’

Inflation is hitting American wallets at a time when it hurts most, right around Thanksgiving and the pivotal holiday shopping season.

CLICK HERE TO READ MORE ON FOX BUSINESS

Families are now battling the highest inflation rate since 1990, according to the Labor Department. Prices jumped 6.2% for U.S. consumers in October compared to a year earlier.

FOX Business takes a look at some of the regions running even hotter than the national average. 

States throughout the South and the Midwest saw prices rise as much as 6.6% last month. In particular, states throughout the Northeast saw prices climb 5.4% in October compared to a year ago, while prices in the West climbed 6%.

CONSUMER PRICES SURGE BY MOST IN 31 YEARS

According to the Labor Department, some cities are also taking a bigger hit compared to others. 

Three cities in Georgia, Sandy Springs, Roswell and Atlanta, saw prices jump 7.9% year over year, according to the data. 

However, consumers in the St. Louis Metropolitan Area saw prices climb a whopping 7.5%. 

In Arizona, prices in Phoenix, Mesa, and Scottsdale rose 7.1%. and parts of Washington were not far behind.

Seattle, Tacoma, and Bellevue saw prices rise 6.5% last month, the data showed. 

Pork and beef products are displayed on a shelf at a Safeway store on October 04, 2021 in San Francisco, California. (Photo by Justin Sullivan/Getty Images) (Justin Sullivan/Getty Images / Getty Images)

In Maryland, Baltimore, Columbia, and Towson faced a 6.3% increase in prices compared to a year ago. 

Energy prices in particular jumped 4.8% last month and were up 30% over the past year. The October increase was largely the result of a 6.1% rise in the cost of gasoline.  

GET FOX BUSINESS ON THE GO BY CLICKING HERE  

This may hit Americans particularly hard especially as the busy holiday travel season begins to pick up and more than 53.4 million people are expected to travel, according to AAA. 

Unfortunately, drivers in Houston, St. Louis, Minneapolis, San Francisco, and Los Angeles won't be too happy when they go to fill up at the pump. 

The aforementioned cities faced the biggest price increases for full across the country. 

FOX Business' Jonathan Garber contributed to this report. 

Source: Read Full Article