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Inflation in South Florida moderated slightly in the 12 months ended in April but remained far more than a percentage point above the average price rise for the nation as a whole.
Inflation in this area as measured by the Consumer Price Index dropped from an annual 9.8% in March to 9.6% in April, according to figures the US Bureau of Labor Statistics released last week. At the same time, the national annual inflation rate dipped from 8.5% in March to 8.3% in April.
It wasn’t just the skyrocketing price of gasoline that was the factor. Even factoring out food and energy, prices in South Florida rose 7.5%, while the energy index that includes fuel rose 41.5%. The food index bulked up 4.4% over the past year.
The bureau lumps together the price increases in South Florida, an area comprising Miami-Dade, Broward and Palm Beach counties.
As highly publicized soaring prices of homes, condos and rentals across the region proved, the cost increase in housing in the past year outpaced general inflation, rising 10.5%, according to the bureau.
Within that group, rents of primary residences rose 8.8% over the year, the owner’s equivalent cost of rent rose 6.9%, and household energy costs rose 37.6%, with electricity in the home sparking a 37.8% increase. Piped gas costs rose 11.2% in the year, far below the 22.7% increase for the nation as a whole. The cost of household furnishings and operations rose 13.9%, the federal figures show.
Transportation costs as a whole revved up 19.6% in the region, with the cost of private transportation ballooning 19.5%. Amid a national scarcity of new cars caused by supply chain issues during the pandemic, the prices of cars and trucks zoomed up in double digits over the year, with new vehicle purchase costs climbing 17.5% – far above the national 13.2% increase – and used vehicle purchase costs rising by far more, 22.1%, just below the national 22.7% increase.
It will surprise no one that South Florida gasoline prices rose 44.2% over the year, slightly higher than the 43.6% national increase.
On the other hand, in some categories inflationary pressures were relatively mild. Despite covid, the cost of medical care rose a moderate 1.5% in the region during the year, the federal figures show, far below the national increase of 3.5% for medical care costs.
Costs of apparel in this region rose 2.7% over the year, recreation 4.5%, education and communications 2.4%, and tuition and child care 3%.
The rise in the price of food in this region was 4%, but only 1.5% for food consumed at home, while the price of food away from home at restaurants and elsewhere gained 8%.
Despite this general list of price rises unheard of in recent years, in two categories costs actually fell in the past year: the prices of fruit and vegetables took a healthy 8.6% tumble, and you could toast 1.4% lower prices for alcoholic beverages.
https://www.miamitodaynews.com/2022/05/17/south-florida-inflation-dips-still-outpaces-nation/
