Atlanta Inflation Tops the Metro Areas for October

Inflation in the United States increased at its quickest annual rate since 1990 last month. Moreover, it grew at a faster pace in Atlanta than in any other big city. According to the Bureau of Labor Statistics, the consumer price index for metro Atlanta rose 7.9% from a year ago in October, compared to the national average of 6.2 percent. This was fueled by increases in petrol costs, apartment rents, and the cost of commodities. This was also higher than a government survey of 13 other large metro regions, which showed increases ranging from 3.8 percent in San Francisco to 7.5 percent in St. Louis.

According to Janet Rankin, regional commissioner for the Bureau of Labor Statistics, energy prices jumped 28.2 percent in metro Atlanta over the last year, primarily due to rising gasoline prices. Used vehicle prices rose almost as much, and housing expenses rose 6.7 percent. In addition, according to a poll by RealPage, a company that supplies software to real estate owners, rents in Atlanta increased faster than in any other city.

As more Americans migrate from the north to the south, housing construction has failed to keep up with the area’s population boom. According to Gas Buddy, Atlanta gas prices are up an average of $1.34 per gallon, compared to a nationwide increase of $1.29 per gallon. It wasn’t immediately evident why prices in this area had climbed faster than in the rest of the country since last month.

The CPI has surpassed 5% in the United States in the previous five months, igniting a heated national discussion about government policies. It’s also fueling doubts that Inflation is primarily the product of pandemic-related issues, like bottlenecks in the global supply chain, which are expected to subside in the coming months.