All of America is feeling the pain of inflation and on Tuesday the federal government reported that inflation topped 8 percent for the fifth consecutive month.
But some areas are getting hammered more than most. And two of them happen to be Tampa and Miami.
The personal finance analysis firm WalletHub released a report Tuesday that showed the Tampa-St-Petersburg-Clearwater has the third-fastest-rising inflation rate among America’s metro areas – trailing only Phoenix and Atlanta.
Miami-Fort-Lauderdale-West Palm Beach ranked fourth. They were the only two Florida cities in the analysis.
WalletHub looked at 23 major Metropolitan Statistical Areas or MSAs, and how the Consumer Price Index, the main inflation measure, was affecting prices in the short term and over the past year.
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Specifically, WalletHub compared the Labor Department’s most recent CPI data to the same numbers two months earlier and a year ago.
In the short term, Tampa tied with Atlanta for second place in terms of the biggest escalation in prices over the past couple of months.
Costs in Tampa have risen 1.3 percent since June, lagging behind only Denver.
Miami ranked 12th in this part.
Looking back over the past year, Tampa ranked third and Miami fourth.
In the Tampa Bay region, prices have spiked 11.2 percent since last year; in Miami, 10.7 percent.
WalletHub asked a panel of about a dozen economists what was driving inflation generally.
The consensus among them attributed skyrocketing prices to too much government spending, a national labor shortage, supply-chain disruptions, and Russia’s war with Ukraine.