The Philadelphia metro area continues to outpace the national average in inflation, with October 2024 figures showing a 3.4% annual increase compared to the 2.6% national rate. This persistent gap reflects ongoing regional economic pressures. While inflation has eased from early 2024 peaks, when Philadelphia exceeded 4%, the local rate has consistently averaged 0.8 percentage points higher than the national figure. Shelter costs, the largest component of the consumer price index, remain a key driver. In October, Philadelphia’s shelter costs rose 5.1% year-over-year, slightly above the national increase of 4.9%. Excluding shelter, Philadelphia’s inflation rate stands at 2.3%.
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