The U.S. inflation rate hit a 40-year high following the COVID-19 pandemic and still continues to impact many Americans across the country. To determine how inflation is impacting people in different cities, WalletHub compared 23 major metropolitan areas across two key metrics related to the Consumer Price Index , which measures inflation.
High inflation continues to plague the economy, leading to the Federal Reserve announcing last month that it doesn’t plan to cut interest rates until it has "greater confidence" that price increases are slowing sustainably to its 2% target.This means products and services continue to remain evaluated for many Americans. A new report revealed that child care costs are now rising at twice the rate of inflation.