Tampa Bay Area: Highest Inflation in the US
Tampa Bay Area Claims No. 1 Spot for Highest Inflation in the US
Thursday, February 16, 2023 at 8:46 pm ET
Thu, Feb 16th, 2023 – 9:33
Tampa Bay has been ranked the highest in the nation for inflation, according to a recent report by WalletHub.[0] With an inflation rate of 8.9%, Tampa Bay beat out South Florida for the top spot.[1] This is concerning news for the area, as it is having to deal with the effects of rising prices on everyday necessities such as food and rent.
The Consumer Price Index (CPI) data for January came in at 6.4% year-over-year, and Tampa Bay is not the only metro area facing high inflation levels.[2] The cities of Miami, Seattle, Atlanta, Dallas and Riverside are all higher than the national average.[2] In January, the consumer price index increased by 0.5%, the highest rate of growth in the last three months, according to the Labor Department.[3] The annual inflation rate was higher than expected, coming in at 6.4%.[3]
Experts have attributed the issue to population growth in the area. According to Michael Snipes, a University of South Florida instructor of economics, “A primary contributor to that is really kind of the population growth that we're seeing. So as more and more people come into the state, well, not only are they bringing their possessions, but they're bringing all of their income to bringing all of their spending, and all of that increase in spending is going to put an upward pressure on price.”[4]
As the population continues to grow, the cost of living will continue to rise. This is why it is so important for cities to create more affordable housing policies. With much of the population already struggling to keep up with the high cost of inflation, these policies could help to alleviate some of the financial pressure on households.
0. “Price of Power: Tampa Bay area residents struggle to pay rising electricity bills” ABC Action News Tampa Bay, 21 Feb. 2023, https://www.abcactionnews.com/news/price-of-paradise/price-of-power-tampa-bay-area-residents-struggle-to-pay-rising-electricity-bills
1. “🌱 Tampa Ranked No. 1 For Inflation + Home Insurance Premiums Spiking” Patch, 17 Feb. 2023, https://patch.com/florida/southtampa/tampa-ranked-no-1-inflation-home-insurance-premiums-spiking
2. “Tampa Bay inflation exceeds the national average, report finds – Tampa Bay Business Journal” Tampa Bay Business Journal , 15 Feb. 2023, https://www.bizjournals.com/tampabay/news/2023/02/15/tampa-bay-inflation-highest-in-the-nation.html
3. “High inflation costing Americans an extra $395 a month” msnNOW, 23 Feb. 2023, https://www.msn.com/en-us/money/markets/high-inflation-costing-americans-an-extra-dollar395-a-month/ar-AA17QECV
4. “Report: Tampa Bay area tops cities where inflation is rising the most” FOX 13 Tampa, 14 Feb. 2023, https://www.fox13news.com/news/report-tampa-bay-area-tops-cities-where-inflation-is-rising-the-most
