…By Judah Olanisebee for TDPel Media.
This change in ranking is attributed to months of soaring inflation and above-average rent hikes, which have significantly increased the cost of living in the Big Apple.
In the US, food prices have increased by 10 percent since the 2022 report. Although inflation has slowed in recent months, it remains higher than the Federal Reserve’s target of 2 percent.
In the coming weeks, the US government will release its latest monthly updates on inflation, and the Federal Reserve will meet to discuss interest-rate policy.