Here's How Latest Inflation Report Affects Detroit Area: Study

METRO DETROIT — Consumer prices are rising across the country, including in the metro Detroit area, according to federal statistics.

The consumer price index increased 3 percent in January from a year ago, as the cost of groceries, gasoline and rents continue rising across the country, according to federal statistics.

To determine how inflation is impacting people in different parts of the country, WalletHub compared 23 major metro areas across two key metrics related to the Consumer Price Index, which measures inflation.

In the metro Detroit area, consumer prices fell 0.5 percent from December to January, but consumer prices jumped 2.8 percent year-over-over, placing the metro area no. 18 of the 23 metro areas the study examined, according to the study.

"In order to reduce inflation, adjustments must be made to monetary and fiscal policies. The Fed has adjusted monetary policy which has helped to undo much of the earlier excessive stimulus. As a result, inflation has declined. They will need to hold this course if they want to push inflation lower. Fiscal policy adjustment will also help," California State University, Northridge Professor Robert Krol.