Twin Cities inflation rising slower than national average
Inflation in the Twin Cities isn't as high as the rest of the country, thanks in large part to more stable housing prices.
What's happening: Inflation in the U.S. was 6.4% in January, down from its peak last year, but still well above the Fed's 2% target.
Meanwhile, inflation in the Twin Cities was 5.1%, according to new Consumer Price Index data released Tuesday by the U.S. Bureau of Labor Statistics.
Zoom in: Housing costs in the U.S. were up 8.2% year-over-year, but only 4.9% in the Twin Cities.
- As we wrote about in early February, renters in the Twin Cities are becoming less cost burdened because rents aren't rising as fast as wages.
Yes, but: Twin Cities consumers are still being hit hard in other areas, most notably at the grocery store. Food prices in January were up 12.2% year over year, compared to 9.9% nationally.
- It's not all bad news, though. Used vehicle prices in the Twin Cities are down 12.4%.
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