A Pennsylvania metro area has ranked first on a list of cities where inflation has risen the most.
the list to the number one spot.— the finance site behind the March study — published its refreshed data on Tuesday, data that had Philadelphia topping a list of “Cities Where Inflation is Rising the Most.”
Rankings were determined by comparing 22 Metro Statistical Areas across two key metrics incorporating the Consumer Price Index: “Consumer Price Index Change ” and “Consumer Price Index Change . The information used was taken from the U.S. Bureau of Labor Statistics. The Philadelphia-Camden-Wilmington, Pa.-N.J.-Md., received particularly dismal marks across both categories, specifically with regards to the monthly change in the Consumer Price Index, in which it saw an increase of two percent.
“Inflation is primarily a monetary phenomenon such that too much money chasing too few goods will eventually lead to an increase in the general rate of inflation,” explains Henry I. Silverman, Ph.D. and associate professor of finance at Roosevelt University. “A dramatic decline in the global supply of goods and services ensued with the economic shock and recession associated with the COVID pandemic and lockdowns.
“Concurrently, governments around the world put in place enormous federal spending programs to stimulate consumer demand and Central Banks lowered interest rates to near zero. This combination of a massive increase in the money supply with a reduced supply of goods and services drove up the prices of nearly everything we buy.”If you purchase a product or register for an account through one of the links on our site, we may receive compensation.
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