- Tampa and Miami landed at No.3 and No.4 on WalletHub’s list
- Tampa is paying 11.2% more for items than a year ago; Miami is paying 10.70% more than in 2020
- Phoenix took the top spot in the report
Two Florida cities are experiencing the highest rise in inflation, according to a new analysis from WalletHub.
WalletHub revealed its report on the top cities experiencing the highest inflation rate on Tuesday. To determine the cities where inflation is rising the most, the personal finance website compared 23 major MSAs (Metropolitan Statistical Areas) across two key metrics involving the Consumer Price Index, which measures inflation. The website compared the Consumer Price Index for the latest month for which BLS data is available to two months prior and one year prior to get a snapshot of how inflation has changed in the short and long term.
Additionally, the index studies consumer spending patterns, including the cost of gas, housing, and clothing to name a few.
While Florida didn’t take the top spot — that first-place trophy goes to Phoenix, AZ — two cities in the Sunshine State made the list. Tampa landed at No. 3 in the report, followed by Miami at No. 4.
Research revealed that Tampa is paying 1.3% more for items than two months ago. The city is also paying 11.2% more for items compared to last year. Meanwhile, Miami is paying 0.40% more for these items than two months ago, and 10.70% more than in 2021.
“Tampa is the city with the third highest rise in inflation. Its consumer price index rose by 1.3% in July compared to May 2022, and by 11.2% compared to May 2021. These are some of the biggest increases in the country,” said WalletHub analyst Jill Gonzalez. “Miami has the fourth highest rise in inflation. This is due in particular to the fact that the consumer price index rose by 10.7% in August 2022 compared to June 2021. These figures indicate that both Tampa and Miami are significantly affected by supply chain problems caused by the pandemic and the Ukraine war.”
Other cities experiencing the biggest jump in inflation are Atlanta, Dallas, and Baltimore.