Let me attempt — feebly, I may add — to spin Southern California’s soaring cost of living: Do you feel better knowing inflation rates are higher elsewhere?
According to the Consumer Price Index report for May, the nation’s inflation rate hit a 40-year high at 8.6%, up from 8.3% in April. The news wasn’t any better within the 23 metropolitan areas that are tracked by the CPI, mostly on a bimonthly basis.
My trusty spreadsheet’s analysis shows inflation in Riverside and San Bernardino counties jumping to 9.4% in the year ended in May, according to the Inland Empire’s a bimonthly CPI. That ranked fifth-highest among the latest inflation readings for U.S. 23 metros tracked.
Consider the Inland Empire’s two-month CPI change from March to get a peek at short-term pricing. It’s not pretty, as on an annualized basis it translates to a 12% inflation rate — and that ranked No. 8 of the 23.
May’s L.A.-O.C. rate of 8% — a monthly index — ranked No. 16 of 23. Its two-month change translates to a 3.2% annualized inflation rate — third-lowest among the 23 regions.
This national bout of inflation — the worst in four decades — can be tied to a host of issues. There were policy missteps that overstimulated the economy, and skyrocketing oil and gas prices — heavily tied to Russia’s invasion of Ukraine. All of that is driving up prices.
Shortages of various goods — baby formula and now sriracha are the latest examples — don’t help. Consumers flush with money after two years in pandemic purgatory are thinning store shelves and warehouses. A worker shortage is pushing up wages and adding to production challenges.
No. 6 Dallas: 9.1% vs. 6.8% annualized two months, No. 19.related_articles location=”left” show_article_date=”false” article_type=”automatic-primary-tag”]
Tied at No. 16 with L.A.-O.C. was Chicago’s 8% rate. The Windy City’s 11.3% annualized inflation for the last two months ranked No. 11. The metros with less inflation were …
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source: The Daily Breeze
