GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
In the U.S., it hit a 40-year high in 2022, according toPew Research.
This article will dive into the rising prices in these three cities.
The State of Inflation in 2024
Inflation rates have slowly fallen in the past two years.
Does that mean things are getting cheaper?
Inflation rates indicate the speed at which prices are rising.
Youve probably felt the effects of inflation at thegrocery store and shopping center.
However, the rates arent consistent inevery city and state.
Where Are Prices Rising Fastest in 2024?
Dallas, Honolulu and New York all experienced higher inflation over the past year than any other U.S. city.
Heres a breakdown of the rising costs in each of these three cities.
Dallas
The Dallas-Fort Worth area experienced a 5% rise in consumer prices in the last year.
Prices have also gone up by 1% in the past two months.
In Dallas, the cost of living is around 3% higher than the national average, sourced fromPayScale.
The higher inflation in Dallas might be due to a housing shortage as more people move to the city.
Increasing energy costs and urban sprawl can also play a role in driving prices higher.
Other factors might include supply shortages in Hawaii, high energy costs and an influx of high-income residents.
New York
New York City experienced a 4.2% rise in consumer prices in the last year.
In the past two months, prices rose 1.1%.
The cost of living in New York is a whopping 128% higher than the national average, reportedPayScale.
Housing is the most expensive category, at 385% above average.
What Can You Do About Inflation?
Unfortunately, theres little the average consumer can do about high prices.
More From GOBankingRates
Share This Article:
