Are you the hardest hit by inflation? The map shows where the cost of living hits hardest

According to the Bureau of Labor Statistics, some cities and states are fighting the ongoing inflation crisis in the United States better than others.

On Thursday, it was reported that inflation had moderated in the United States last month, a sign that the price increases that have hit Americans are easing as the economy slows and consumers become more cautious. .

Despite the good news, figures from the Bureau of Labor Statistics show that some cities are still considered hotbeds of inflation.

In October, Phoenix reported an inflation rate of 12.1% on certain goods. That’s down 0.9% from the city’s record 13% earlier this year.

Inflation is believed to hit the region the hardest, as Phoenix is ​​also one of the fastest growing places in the country, which means food, gas and housing cannot keep up.

According to Redfin, the average price of a home in Phoenix rose 9% in September compared to the same period last year.

Jim Rounds, an economist and policy analyst at Rounds Consulting, told 12News of Arizona’s struggles: “These are unusual times and these are unusual conditions.”

“When the economy is in a mess and there’s a lot to fix, it just takes longer to fix. Arizona and the greater Phoenix area are just unique in that we are also experiencing high growth, which puts additional pressure on them.

Other cities struggling with high inflation rates include Atlanta, where prices rose 10.7% and Miami, where prices rose 10.1%.

Overall, the Republican-led states of Georgia and Florida saw prices rise at a rate of 8.3%.

This is the same number seen in South Carolina, North Carolina, Maryland, Virginia and West Virginia.

Moving west, Texas, Oklahoma, Arkansas and Louisiana are seeing slightly higher inflation, with 8.4% reported.

In the north, New York, New Jersey, Pennsylvania and Delaware reported rates of 6.8%, below the national average.

The consumer price index rose 7.7% in October from a year ago, marking the fourth consecutive month of decline from the 40-year high of 9.2% reached in June.

Core inflation, excluding volatile food and energy prices, fell to 6.3% on an annual basis, after hitting a four-decade high of 6.6% in September.

The numbers were all lower than economists had expected and Wall Street reacted positively, with the Dow Jones Industrial Average gaining 750 points, or 2.31%, at the open to hit 33,264.

“Today’s CPI reading for October is a good sign for consumers who have struggled in recent months to absorb the continued pressure of inflation on household budgets,” said Scott Brave, head of economic analysis at the business intelligence firm Morning Consult.

Brave added that the latest report, along with other recent data, “suggests that households received a welcome respite from the sting of inflation last month.”

Used car prices, which soared last year as a shortage of computer chips sharply reduced the availability of new cars, fell 2.4% from September to October.

And prices for energy services fell, thanks to a 4.6% monthly decline in the price of natural gas utilities, as natural gas prices declined from recent highs.

However, gasoline prices rose 4% from September to October, reversing three consecutive months of monthly declines.

The dollar fell across the board for a second straight day on Friday as investors favored riskier currencies on signs of slowing US inflation, prompting the Federal Reserve to ease its steep rate hikes of interest.

Friday’s dollar weakness was an extension of a move sparked after Thursday data showed U.S. consumer inflation rose 7.7% year-on-year in October, its slowest rate since January and lower than forecast by 8%.

Against a basket of currencies, the dollar fell about 3.8% over two sessions, in pace with its biggest two-day percentage loss since March 2009.

The U.S. currency’s long rally over the past two years has drawn a host of dollar bulls leading to crowded positioning and Thursday’s data left many looking for a quick exit, analysts said. strategists.

“It’s not just the short-term trend followers, the momentum players that need to get out of their positions, but some long-term structural dollar positions that need to be unwound,” said Marc Chandler, chief market strategist at Bannockburn. Global Forex in New York.

The dollar was down 1.7% against the Japanese yen at 138.55 yen while the euro was up 1.46% against the US unit at $1.036.

“The dollar is one of those markets that is extreme in its overvaluation – chances are we’ve seen the peak,” Jim Cielinski, global head of fixed income at Janus Henderson Investors told Reuters on Friday. Global Market Forum.

Still, some strategists have warned that dollar bears remain vulnerable to a possible short-term bounce.

“Yes, more people have become convinced that the dollar has peaked, but the move has been so sharp that I advise people against chasing it,” Bannockburn’s Chandler said.

The dollar found little support in Friday’s survey data which showed U.S. consumer confidence fell in November, driven by lingering concerns about inflation and rising borrowing costs.

The risk-sensitive Australian and New Zealand dollars rose 1.4% and 1.6% respectively against the greenback.

Investors’ risk appetite received an additional boost from Chinese health officials who eased some of the country’s strict COVID-19 restrictions, including shortening quarantine times for close contacts of cases. and incoming travelers.

The pound, meanwhile, rose 1.22% against the dollar to hit $1.1853 after UK data showed the economy did not contract as much as expected in the three months. before September, although it is still entering what should be a long recession.

The dollar was down 2.4% against the Swiss franc at 0.94025 francs after Swiss National Bank President Thomas Jordan said on Friday that the bank was ready to take “all necessary measures” to bring inflation back to its target range of 0-2%.

Cryptocurrencies remained under pressure from the ongoing turmoil in the crypto world after the fall of the FTX exchange. FTX’s native token, FTT, was last down 26.7% at $2.731, taking its month-to-date losses to almost 90%.

Bitcoin fell 4.6% to $16,747.