WRE News: South Florida Tops U.S. Inflation Charts with 7.8% Surge

Miami, FL – September 24, 2023 – South Floridians are grappling with rising inflation as consumer prices continue to surge in the region, making it the costliest among major U.S. cities. 

According to the latest data from the U.S. Bureau of Labor Statistics, the Miami metro area experienced a staggering 7.8% increase in the cost of living for the 12 months ending in August. This spike, more than twice the national average of 3.7%, marks the highest inflation rate among the largest 14 metropolitan areas in the United States.

The primary driver of this soaring inflation in South Florida is the housing market, with home rents surging by 15.3% in the past year, while the cost of purchasing a home increased by 14.3%.