This Michigan City Has Been Impacted The Most By Inflation in 2023
We're all sick of inflation at this point. From the gas pump to the grocery store, we're all seeing our budgets being stretched thin by things that used to be reasonably priced.
Some of the reason is due to the rising cost or labor and transportation of products, while most of us aren't seeing our wages rise fast enough with the accelerated cost of living.
The issue of inflation continues to impact Americans significantly, with rates reaching their highest level in 40 years last year. Although there has been a slight deceleration in inflation, attributed to factors such as Federal Reserve rate hikes, the year-over-year inflation rate in May remained at a substantial 4.0%.
But one Michigan city has been more impacted than anyone else in America.
Which Michigan city has been the hardest hit by inflation in 2023?
With the year-over-year inflation rate at 4.0% in May, the personal-finance website WalletHub today released its report on the Cities Where Inflation is Rising the Most.
They compared 23 data points to find out which American cities have been impacted the most, and the number one city is right here in Michigan:
According to the data, Detroit has seen inflation rising the most in the past year.
While Detroit did tie with Miami, Florida for the number one slot, it's not a trophy they want to take home.
The main reason Detroit is having such a hard time is because the cost of living rose 6.60% in the past year, while wages in the area stayed the same.
Not to mention the fact that a lot of affordable housing is drying up or being replaced with expensive 'luxury' apartments that many residents simply can't afford.
While hopefully nationwide inflation will hopefully slow over the remainder of 2023, if you're wondering why your paycheck isn't going as far in 2023 as it did in 2022, you're not alone.
And while you can't save money everywhere, you can find a cheaper place to drown your sorrows...