The Unexpected Regions That Had The Highest Inflation In October 2024

There is good news and bad news about October inflation in the U.S. Bureau of Labor Statistics Consumer Price Index November report. While the annual rate of inflation increased in October (as was expected), economists claim that the long term trend is still moving down. October saw consumer prices increase 0.2% last month, up 2.6% from the prior year.

Around half of this inflation was related to housing costs. According to CNN, economists were expecting the October increase that came out in line with expectations. Keep in mind that these cost of living increases are way down from the staggering peak rate of 9.1% seen back in June of 2022.

The bad news is that some regions witnessed higher inflation rates than both the national average and compared to other parts of the country. The two regions that suffered the most from increasing prices were the Northeast and the Midwest. In the South and West regions, price increases were notably lower.

The Northeast region of the U.S. experienced the highest rates of inflation for October 2024. Rates were up 3.5% here for the CPI broad basket of everyday goods such as rent costs, groceries, and gasoline as the Bureau of Labor Statistics regional inflation chart demonstrates. In the subregions of the Northeast, New England saw 3.3% inflation while the Middle Atlantic had the worst national inflation rate of 3.6%. People living in this part of the country definitely need to be looking for smart savings moves.

While not as bad as in the Northeast region, price increases were also comparatively higher in the Midwest. Inflation in this part of the country rose by 2.6%. As in the Northeast, around half of the inflation increase was driven by U.S. home prices continuing to rise, with several other factors playing a role as well.

Meanwhile, in the South and West Regions of America, the inflation data turned out comparatively better. The West region enjoyed the lowest levels of inflation of the four regions at a tamer 2.1% annual change. Subregional factors drove this lower number, with the subset Mountain Region slowing to a much lower 1.3%. This region's number was the same as in the previous month's inflation data.

Meanwhile in the South region, inflation for October came in at 2.5%. Though relatively low overall, inflation in the South was a little concerning as its price increases had jumped from September's reading of 2.1%. It is a reminder for everyone that the costs for living the American dream are constantly rising — and that the financial picture for Americans varies based on where they live and on local economic situations just as much as it varies based on the national picture.