However, a new study finds some areas are feeling it much more than others.

Researchers from personal-finance website WalletHub compared 23 major Metropolitan Statistical Areas (MSAs) to find out where inflation is rising the most. To do so, they looked at two key markers of inflation: the Consumer Price Index for the latest month versus two months prior, and one year prior.

Results reveal Americans in Phoenix, Arizona have seen their wallets take the biggest hit in 2022. While the Consumer Price Index has only increased by 0.80 percent over the last two months, prices have skyrocketed by 13 percent versus one year ago. Rounding out the top five are Atlanta, Miami, Tampa, and Baltimore. The Consumer Price Index has increased by more than 10 percent in those cities over the last year.

In the short term, current prices have skyrocketed faster in Atlanta, Boston, San Diego, and Honolulu over the last two months.

On the other side of the spectrum, residents in several major cities have been spared the worst of the inflation crisis. At the bottom of the list, prices are rising the least in Anchorage, Alaska. The Consumer Price Index now versus two months ago has actually dropped by four percent in Anchorage. Over the last year, however, it's still up by 7.6 percent.

Other cities seeing slower rates of inflation include San Francisco (22nd), Washinton (21st), New York (20th), and Denver (19th) — all of which have a year-over-year change of less than eight percent.