WRE News: Miami Tops List of U.S Cities Hit Hardest by Soaring Inflation

Miami, FL – October 5, 2023 – Inflation is surging across the United States, impacting the wallets of Americans, but certain metropolitan areas are feeling the pinch more than others, with Miami leading the pack. According to WalletHub’s recent analysis, the Miami-Fort Lauderdale-West Palm Beach metro area reigns at the top, experiencing a substantial 7.8% increase in its consumer price index (CPI) as of August, compared to the previous year. This dwarfs the national year-over-year CPI, which stood at 3.7% in August. WalletHub’s study evaluated inflation changes in 23 major metropolitan areas over the past two months and the past year, ranking them based on a weighted average of these CPI variations. While inflation has eased from its peak of 9.1% in June 2022, the 3.7% year-over-year increase in August, largely fueled by rising energy costs, marks the highest gain of the year. A significant contributor to inflation in cities like Miami is soaring housing prices, with a 12.5% increase in the Miami-Fort Lauderdale-West Palm Beach area since August 2022. Experts expect prices to gradually cool down in the coming years, though this will require patience as the economy finds its footing.