New study shows Miami inflation highest in the country
A recent study conducted has shown that of all the major U.S. metro areas, Miami has experienced the most inflation. This showed that Miami’s inflation was at 7.8% which was closely followed by another Florida city in Tampa. In comparison, Tampa’s inflation stood at 6.7%.
The study was originally conducted in 2022 and showed that Miami’s inflation had risen by +9.9% over the past 12 months. This was based on the consumer price index and was conducted by the think tank, Axios. The graph below shows the list of the cities hit hardest in the US, with Miami the worst affected by some way.
Miami’s high inflation rate can be traced back to a few key factors. According to economists, the city’s rapid population growth and longstanding housing shortage have driven up prices across the board. In fact, Miami’s population grew faster than any other state last year, putting strain on the city’s infrastructure and resources.
This, combined with a limited housing supply, has led to increased demand and higher prices for everything from rent to groceries. Additionally, the city’s popularity as a tourist destination and hub for international business has also contributed to its inflationary pressures. Whether this comes down in 2024 remains to be seen. However, it is no secret that living in Miami has become very expensive in recent years.