Chicago area saw worst inflation among 23 big cities in 2024, study finds
CHICAGO - The Chicago metropolitan area saw the worst inflation over the past year, according to a new study by WalletHub.
The personal finance company compared 23 major cities across two key metrics related to the Consumer Price Index.
WalletHub compared the most recent data from the Bureau of Labor Statistics to two months prior and one year prior.
Chicago inflation worsens
By the numbers:
Inflation in the Chicago area was up about 4.3% in January compared to a year before.
That mark was the worst among the 23 metropolitan areas that WalletHub compared.
- Chicago-Naperville-Elgin: 4.3%
- Honolulu, Hawaii: 4.1%
- New York City and Newark: 4%
- Boston, Massachusetts: 3.9%
- San Diego, California: 3.8%
- Baltimore, Maryland: 3.4%
- Los Angeles, California: 3.3%
- Philadelphia, Pennsylvania: 3.3%
- St. Louis, Missouri: 3.1%
- Minneapolis, Minnesota: 3%
The Houston, Texas, area had the lowest increase in prices compared to a year ago with only a 1% increase.
Chicago’s inflation rate last month compared to two months prior was not as bad compared to other big cities. The Second City had the sixth-worst change in inflation, about 1.2% compared to two months prior.
RELATED: CPI inflation report: Eggs, gas and other prices that jumped in January
The Riverside, California area had the worst short-term inflation increase, about a 1.8% increase.
National trends
Big picture view:
The nation’s year-over-year inflation rate in January 2025 stood at 3%, which was well below the 2022-high, but still worse than the Federal Reserve’s target rate increase of 2%.
WalletHub said various factors from the war in Ukraine to labor shortages drove the historically high inflation.