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Rising Inflation? I'm Already Running As Fast As I Can |
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We all try to save money for our retirements and for that future rainy day. You know what rapid inflation actually does to your savings? It means that in these U.S. cities, your savings have to be earning at least 6% or you’re losing money. (I don’t know about you, but I don’t know any banks that are paying 6% for CD’s. . .)
10 Cities Where Cost of Living Is Growing Fast
Forbes magazine looked at inflation in the 40 largest metro areas in the U.S. to see where prices were rising fastest.
The numbers were supplied by the Bureau of Labor Statistics and Moody’s Economy.com and reflected changes between January and June 2008.
Resetting mortgages, rising food prices and runaway fuel costs are the biggest sources of the pain.
Here are the top 10 cities with the highest annual inflation rates.
- Seattle, 5.82 percent
- Dallas, 5.82 percent
- Washington, D.C., 5.74 percent
- Miami, 5.71 percent
- Portland, Ore., 5.68 percent
- San Jose, Calif., 5.61 percent
- Milwaukee, Wisc., 5.61 percent
- Tampa, 5.60 percent
- Phoenix, 5.44 percent
- Los Angeles, 5.41 percent
Source: Forbes, Matt Woolsey (07/18/2008) via REALTOR® Magazine Online
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