WRE News: Miami Takes the Lead on Inflation Rates Across the Nation

Miami, FL – March 18, 2024 – The cost of living in South Florida has become a pressing concern for its residents, with South Florida — Miami in particular — emerging as the metropolitan area most affected by inflation. According to the US Bureau of Labor Statistics (BLS) bi-monthly report, Miami’s year-on-year inflation reached 4.90%, surpassing the national average of 3.2% in February. Factors such as housing costs have significantly contributed to Miami’s inflation surge, with housing prices for owners and renters experiencing notable increases. The housing index rose by 1.0% for owners and 1.1% for renters from December 2023 to February 2024, outpacing the national average. Additionally, food prices in Miami saw a modest increase compared to the national level, while energy, clothing, and footwear costs surged, further fueling inflation concerns.