Florida Is Home To Cities Hardest Hit By Inflation
Have you noticed prices are still pretty high around the Tampa Bay area? Florida is among the states hardest hit by inflation. Which cities are seeing the worst of it?
Last year the U.S. rate of inflation soared to a 40-year-high of 9.1% before simmering down due to factors such as the Federal Reserve rate hikes. The year-over-year inflation rate slowed down to 3.7% last month, but that’s not much comfort to a lot of us in Florida. Various factors such as the war in Ukraine, and labor shortages continue to drive this number that is almost twice as high as the Fed would like, and the war in the Middle East following the terrorist attack on Israel will add new fuel to the fire.
Inflation rates vary from city to city and state to state, and you guessed it, Florida cities top the list of those negatively impacted by inflation. To figure out how inflation is impacting people in different parts of the country, WalletHub compared 23 major cities across the Consumer Price Index, which measures inflation. The findings indicate who is getting hammered the hardest by the most stubborn inflationary cycle in recent memory.
Florida’s inflation rates are skyrocketing, and the state leads the nation due mostly to the steep rise in the cost of housing, whether rentals or home purchases. The national inflation rate may be hovering just below 4%, but in Miami-Ft. Lauderdale-West Palm beach, inflation rates are still close to 9%, and in the Tampa-Clearwater metro, inflation remains a nasty 7%. So, no, it’s not your imagination when you go to the grocery store. Gas prices may be down, but you can’t say that about groceries, or housing. Read it and weep.
U.S. cities with the biggest inflation problems:
Miami – Fort Lauderdale – West Palm Beach, FL #1
Tampa-St. Petersburg – Clearwater, FL #2
Atlanta – Sandy Springs – Roswell, GA #3
Seattle – Tacoma – Bellevue, WA #4
Dallas – Fort Worth – Arlington, TX #5
Click here to see the full list and methodology.