The Morning with Maria panel covers March core CPI, expected Fed rate cuts and the overall market outlook.
High inflation continues to impact the purchasing power of Americans across the country, but rising prices affect some areas more than others.
The Labor Department's latest Consumer Price Index (CPI) released Wednesday showed that U.S. prices rose 3.5% in March from a year ago, rising for the third month in a row and remaining well above the Federal Reserve's 2% target.
Customers shop at a supermarket in Foster City, California, on September 13, 2023. Inflation rose for the third straight month in March to 3.5% year over year. (Li Jianguo/Xinhua via Getty Images/Getty Images)
The Consumer Price Index (CPI) is a broad measure of the prices of everyday goods, including gasoline, groceries, and rent. Using data from the Bureau of Labor Statistics, WalletHub compared 23 metropolitan statistical areas (MSAs) to determine how inflation affects people in different parts of the country.
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Here are the cities that WalletHub identified as being most affected by inflation:
1. Urban Honolulu
The largest city in Hawaii It was most affected by the rise in prices. The study found that Honolulu's CPI rose 1.5% in March from the previous two months and 4.8% from a year ago.
2. Miami-Fort Lauderdale-West Palm Beach, Florida
An aerial view of downtown Miami from the Edgewater neighborhood during a Florida sunset. (iStock/iStock)
The region on the southeastern edge of the Florida peninsula is experiencing the second-worst inflation rate in the country. Prices in the Miami, Fort Lauderdale and West Palm Beach area rose 1.4% from January to March, and 4.9% year over year.
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3. Riverside-San Bernardino-Ontario, California
On the other side of the country, the area around San Bernardino Southern California The MSA, which includes Riverside and Ontario, has seen the third-highest price increases in the U.S., and inflation has accelerated 1.4% over the past two months, and 4.3% over the past year.
4. St. Louis, Missouri/Illinois
The St. Louis Arch appears on the St. Louis skyline on January 13, 2016. (Reuters/Tom Gannam/Reuters Images)
the St. Louis area On both sides of the border, Missouri and Illinois had the fourth-highest inflation rates in the United States last month. Prices in the MSA rose 1.6% in March compared to the previous two months and were up 3.6% from the same month in 2023.
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5. Dallas-Fort Worth Arlington, Texas
The Dallas-Forth Worth-Arlington area in Texas had the fifth highest prices in March with the CPI increasing 0.9% from January and 4.9% from March of last year.
FOX Business' Megan Heaney contributed to this report.