Inflation
Are YOU being hit by inflation hardest? Map shows where cost of living is hitting hardest
How hard are YOU being hit by inflation? Map reveals where in the US the cost of living is highest - with some areas topping 12 PERCENT
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- Despite reports of slowing inflation in the US, certain cities continue to battle skyrocketing price increases
- Cities including Phoenix, Miami and Atlanta are all seeing double-digit price increases, according to statistics
- On Thursday, it was announced that inflation moderated in the United States last month
- States including New York, New Jersey and Pennsylvania are trending below the national average of inflation
Some cities and states are battling the ongoing inflation crisis in the US better than others, according to the Bureau of Labor Statistics.
On Thursday, it was announced that inflation moderated in the United States last month, in a sign that the price increases that have hammered Americans are easing as the economy slows and consumers grow more cautious.
Despite the good news, figures from the Bureau of Labor Statistics show that some cities are still considered to be hotbeds of inflation.
In October, Phoenix reported an inflation rate of 12.1 percent on certain goods. That's down 0.9 percent from the city's record high of 13 percent which was reported earlier this year.
It's believed that inflation is hitting the area hardest because Phoenix is also one of the fastest-growing places in the country - meaning that food, gas, and housing supplies can't keep up.
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According to Redfin, the average price of a home in Phoenix was up nine percent in September compared against the same time last year.
Jim Rounds, an economist and policy analyst at Rounds Consulting, told 12News about 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're also high growth, and that puts extra strain on it.'
Other cities battling high inflation rates include Atlanta, where prices are up 10.7 percent and Miami where prices are up 10.1 percent.
As a whole, the Republican led states of Georgia and Florida have seen prices rise at a rate of 8.3 percent.
That's the same number being seen in South Carolina, North Carolina, Maryland, Virginia and West Virginia.
Moving westward, Texas, Oklahoma, Arkansas and Louisiana, are seeing slightly higher inflation, with 8.4 percent being reported.
Up north, New York, New Jersey, Pennsylvania and Delaware reported rates of 6.8 percent, below the national average.
The consumer price index rose 7.7 percent in October from a year ago, marking the fourth straight month of declines from the 40-year high of 9.2 percent reached in June.
Core inflation, excluding volatile food and energy prices, dipped to 6.3 percent on an annual basis, after hitting a four-decade high of 6.6 percent 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 percent, at the open and rising to 33,264. . .
✓ The dollar fell across the board for a second straight day on Friday, as investors favored riskier currencies following signs U.S. inflation is cooling that boosted the case for the Federal Reserve to ease off its hefty interest rate hikes.
Friday's dollar weakness was an extension of the move set off after Thursday's data showed U.S. consumer inflation rose 7.7 percent year-on-year in October, its slowest rate since January and below forecasts for 8 percent.
Against a basket of currencies , the dollar was down about 3.8 percent over two sessions, on pace for its largest two-day percentage loss since March 2009.
The U.S. currency's long rally over the last two years had drawn a host of dollar bulls leading to crowded positioning and Thursday's data left a lot of them looking for a quick exit, strategists said.
'It's not just short term trend-followers, momentum players having to get out of positions, but some long-term structural long dollar positions have to be unwound,' said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.
The dollar was 1.7 percent lower against the Japanese yen at 138.55 yen while the euro advanced 1.46 percent against the U.S. unit to $1.036. . .
✓ The dollar is one of those markets that is extreme in its overvaluation - there is a strong chance we have seen the peak,' Jim Cielinski, global head of fixed income at Janus Henderson Investors told the Reuters Global Markets Forum on Friday. . .
✓ The dollar found little support from survey data on Friday that showed U.S. consumer sentiment fell in November, pulled down by persistent worries about inflation and higher borrowing costs.
The risk-sensitive Australian and New Zealand dollars advanced 1.4 percent and 1.6 percent, respectively, against the greenback.
Investor risk appetite got an additional boost from Chinese health authorities easing some of the country's strict COVID-19 restrictions, including shortening quarantine times for close contacts of cases and inbound travelers.
Sterling, meanwhile, rose 1.22 percent against the dollar to $1.1853 after UK data showed the economy did not contract as much as expected in the three months to September, although it is still entering what is likely to be a lengthy recession.
The dollar was 2.4 percent lower against the Swiss franc at 0.94025 francs after Swiss National Bank Chairman Thomas Jordan said on Friday the bank was prepared to take 'all measures necessary' to bring inflation back down to its 0-2% target range.
Cryptocurrencies remained under pressure from ongoing turmoil in the crypto world after exchange FTX's fall. FTX's native token, FTT , was last down 26.7 percent at $2.731, taking its month-to-date losses to nearly 90 percent.
Bitcoin fell 4.6 percent to $16,747. . .
Elon Musk says FTX founder set his BS meter off when he offered to back his Twitter purchase
Elon Musk says FTX founder Sam Bankman-Fried set his 'bulls**t meter' off when he tried to join $44b Twitter purchase and shares crude meme about failed mogul - as $2b of clients money vanishes
By Keith Griffith and Ronny Reyes For Dailymail.Com and Reuters , updated
- Musk mocked disgraced FTX founder Sam Bankman-Fried overnight Friday
- Said he was immediately dubious of SBF's offer to finance his Twitter takeover
- 'My bulls**t meter was redlining,' Musk recalled of his conversation with SBF
- Musk's text messages revealed in court back up his account of events
- On Friday, SBF resigned in disgrace as crypto giant FTX filed for bankruptcy
- About $2B of customer funds have reportedly vanished from crypto exchange
- FTX said on Saturday it had seen 'unauthorized transactions' removing funds
Elon Musk has revealed he rejected crypto mogul Sam Bankman-Fried's offer to help finance his Twitter takeover last spring, saying the now-disgraced FTX founder set off his 'bulls**t meter'.
'To be honest, I'd never heard of him,' Musk said of the embattled crypto mogul, while speaking in a Twitter Spaces audio chatroom early on Saturday, according to CoinDesk.
'But then I got a ton of people telling me [that] he's got, you know, huge amounts of money that he wants to invest in the Twitter deal,' recalled Musk, who secured billions in outside financing to support his $44 billion Twitter buyout.
'And I talked to him for about half an hour. And I know my bulls**t meter was redlining. It was like, this dude is bulls**t – that was my impression,' he added.
Bankman-Fried resigned as the CEO of FTX on Friday, as the crypto exchange filed for bankruptcy and reports emerged that up to $2 billion in client funds had vanished from the company's books
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