A growing population and competition in the housing market are driving up inflation in the Sunshine State.
Florida has become the U.S. inflation hotspot, with more than 2.5 million residents of the Miami-Fort Lauderdale-West Palm Beach area living with a 9 percent inflation rate for the 12 months ending in April. This is according to new data from the Bureau of Labor Statistics mentioned byThis rate is more than double the national average of 4 percent core inflation, according to the Consumer Price Index for May, the latest data available. Phoenix reported 7.
"Florida has seen a major influx of in-migration over the course of the pandemic, drawing remote workers and retirees by offering sun-drenched coastal living at a serious discount compared to California," Nicole Bachaud, senior economist at real-estate listings company Zillow, toldA customer looks over merchandise at a store on March 14, 2023 in Miami, Florida. The Sunshine State has become a hotspot for inflation in the country.
Last year, the U.S. Census Bureau declared Florida the"fastest-growing state" for the first time since 1957 after all the in-migration the state experienced in recent years. Between 2021 and 2022, Florida's population surged by 1.9 percent to 22,244,823.
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