Inflation slowdown? Not in some cities, where consumer prices still top 12%

Phoenix, Atlanta see highest inflation among US cities 

Megan Henney / FOXBusiness

 

IInflation is finally beginning to show signs of slowing down in the U.S., but any financial relief that Americans may have felt hinged on where they lived.  

The Labor Department reported on Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 7.7% in October from a year ago, the slowest pace since January.

But in some parts of the country, the pace of inflation was much higher. 

Several Mountain states have become a hotbed for inflation, with the region — which includes Arizona, New Mexico, Colorado, Utah, Nevada, Wyoming, Idaho and Montana — reporting that prices soared 9.3% in October.

The spike is even worse in certain cities: Phoenix, for instance, recorded the highest inflation rate among large cities, with prices up a stunning 12.1% last month. While that's down from a peak of 13% recorded earlier this year, that's likely little consolation to residents facing painfully high prices.

The outsized increase is at least in part to soaring real estate prices as thousands of Americans look to relocate. In Phoenix, for instance, the typical home sold for $430,000 in September — nearly 9% more than the previous year, according to real estate brokerage firm Redfin. Read more, see map, videos, and charts here.