Americans have moved a lot in the last two years, and these destinations also now have the highest inflation rates in the United States.
“We immediately saw that inflation was highest in Phoenix and lowest in San Francisco,” Deputy Chief Economist Redfin Taylor Marr told CNBC.
The relationship between migration and inflation has strengthened significantly as more people move from expensive coastal cities to more accessible subway areas, according to an analysis published Red pepperreal estate broker.
Phoenix is one of the hotspots of inflation, which has seen an influx of new residents.
“Almost every component of the Phoenix CPI has grown by about 10% for some reason,” Lee McFatters, a professor of economics at the University of Arizona, told CNBC.
Atlanta and Tampa are also among the subway regions where both hot inflation and pandemic-related housing growth are observed.
“People are moving to Atlanta because it’s more affordable,” Vivian Yue, a professor of economics at Emory University, told CNBC. “But now, as soon as people come here, [they say]: “Wow, this inflation is so high compared to where [we] moved from ”.
Prices are rising across the country. The consumer price index in April 2022 rose by 8.3% over the same period last year.
“For years, it’s always been a mixed bag of things growing, other things falling, and lately it’s not. In fact, things are growing,” said Steve Reed, an economist at the U.S. Bureau of Labor Statistics. .
Watch the video above to learn more about why migration affects inflation, how the Bureau of Labor Statistics measures spending growth, the role of wages and what might be next in these hotspots.
https://www.youtube.com/watch?v=by5BjsYLX7A [embed]https://www.youtube.com/watch?v=by5BjsYLX7A[/embed] Oakland News Now – Drones flying over stadiums delayed Seahawks and Husky games over the weekend – a...