It’s getting more expensive in Florida. What’s up with inflation? See how we’re spending
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It’s expensive to live in Florida. The inflation rate tells the story.
Here’s what to know about the increasing costs we face every day:
Consumer Price Index in South Florida
Cost of housing and food in South Florida
What to know about home prices
Population surge has fueled rapid increases in home prices and rents. As of May, housing prices were up 17% on an annual basis in Miami, according to data from the Bureau of Labor Statistics. Despite that — or perhaps fueling the demand — Florida is now the fastest-growing state in the country for the first time since 1957.
What to know about insurance
High interest rates and skyrocketing insurance costs are contributing to the cost of living crisis. This week, Farmers Insurance announced that it will stop offering home, auto and umbrella policies in Florida, becoming the fourth insurer to exit the state since last year.
READ MORE: DeSantis has hammered Biden on rising prices. Now Florida is an inflation hotspot.
What to know about employment
Florida’s unemployment rate stood at just 2.6% in May, according to the Bureau of Labor Statistics, coming in below the national average of 3.7%.
Florida inflation rate
South Florida: New data released this week show prices in the Miami-Fort Lauderdale-West Palm Beach metro area jumped 9% in the 12 months that ended in April.
Tampa Bay: In the Tampa-St. Pete-Clearwater area, the inflation rate hit 7.3% in the year that ended in May.
U.S.: The national average, according to the Consumer Price Index, now stands at 4%.
