Metro Phoenix is one of only four places where inflation is still running in double digits. Atlanta, Tampa-St. Petersburg and Miami are the others.
Social Security will increase to match the cost-of-living increase due to inflation as Americans struggle to make ends meet.Metro Phoenix remains entrenched as the nation's inflationary hot spot, though consumer prices eased both locally and nationally last month.
The federal Bureau of Labor Statistics announced Thursday that U.S. inflation dropped to 7.7% over the 12 months through October, down from 8.2% through September. In metro Phoenix, the agency said the rate also fell, to 12.1% from 13% previously. Still, the Phoenix-Mesa-Scottsdale area showed the highest consumer-price increase onIn addition, metro Phoenix is one of only four places where inflation is still running in double digits. Atlanta , Tampa-St. Petersburg and Miami are the others.
In the prior update, announced in August, the Phoenix-Mesa-Scottsdale area led all major urban areas with a 13% inflation rate over the prior 12 months, followed by second-place Atlanta at 11.7% and 11.2% in Tampa-St. Petersburg. Nationally, inflation ran at an 8.3% rate over the 12 months through August, ebbing to 8.2% for the 12 months ending in September and now 7.7% through October.
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