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Riverside has one of the highest inflation rates in the country, report finds

Riverside, California – Riverside ranks as having the fourth-highest inflation rate in the U.S., just behind Dallas, Detroit, and Honolulu, says a new report. Inflation in Riverside, Ontario, and San Bernardino has surged by about 1.4% over the past two months. This price increase hits hard, especially with the city’s 5.5% unemployment rate, which is above the national average.

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Experts blame the rise on climbing energy costs and natural gas prices in the area. Los Angeles isn’t far behind, sitting at the No. 9 spot on the list, according to WalletHub’s report, which referenced the Bureau of Labor Statistics. Other cities like Miami, San Francisco, and Seattle are just ahead.

Nationally, inflation was at 3.4% in April, nearing the Federal Reserve’s 2% target, despite ongoing stagflation. Stagflation is when the economy experiences stagnant growth, high unemployment, and high inflation all at once. This situation is tough because usual anti-inflation tactics, like raising interest rates, can worsen unemployment and slow growth.

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Many hope for economic growth, but consumer confidence is waning. Experts forecasted on Tuesday that student loan rates will soar to an all-time high, nearing 6.53% for undergraduate direct loans.

It’s been 16 years since student loan rates were this high, impacting both graduate and parent loans. Along with record-high home loan interest rates, this trend suggests a potential recession, driven by increasing debt among Americans. The Federal Reserve plans to lower interest rates next month, though many experts doubt rates will drop until 2025.


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