Cost of Living Soars in Some U.S. Cities As Inflation Exceeds Fed Target

• Residents in cities like Honolulu, Miami, and Riverside are seeing consumer prices rise faster than the national average.

• U.S. inflation rate has settled at 3.5%, but that's still above the Fed's 2% target.

• The producer price index rose 2.1% in March from a year earlier, showing inflationary pressure is still building.

• Factors contributing to high inflation include supply chain issues, a strong economy driving wages and corporate profits up.

• Policies that could help address inflation include immigration reform to ease labor shortages.