Miami Has The Nation’s Highest Inflation Rate So Far In 2022

In a year when inflation has been exceptionally high, Miami is seeing the highest rate of any major area in the U.S.

Miami’s inflation rate through the first months of 2022 has been more than double the national average and far worse than any other major area included in a recent report from the U.S. Bureau of Labor Statistics.

In January and February 2022 alone, prices rose a total of 3.3 percent. By comparison, the national average during that period was 1.4 percent.

Inflation in New York and Los Angeles both matched the national average of 1.4 percent during the period. No other major city even approached the 3 percent mark.

Miami’s inflation rate for the past 12 months is also high – but there are places where it’s even worse.

Through the 12 months ending in February 2022, prices in Miami rose 9.8 percent.

During that period, Miami ranked third for inflation behind the Phoenix and Atlanta areas.

Tampa also experienced very high inflation through January, but was not included in the February report.

 

 

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BDub
2 months ago

Residential rents are 40% of core cpi. Rents have gone up faster here than the rest of the country.
If you own, your inflation rate is much lower.

Anonymous
2 months ago

…. unless you own in a condo dealing with 40 yr recertification related assessments, in which case your inflation rate has gone hypersonic.

BDub
2 months ago

That is not inflation, that is a cost of ownership.

DWNTWNR
2 months ago

And in the city of Miami, 69.6% of households are renter occupied.

MM305
2 months ago

They only count the City of Miami not Miami Dade County. Look at a map and you’ll see how tiny the city is and how much of it is in an impoverished “opportunity zone”. The averages of the City of Miami in general make south florida look like India, where there are haves and have nots. The reality is much more evenly spread out when you take into account other cities like Coral Gables, Pinecrest, Cutler Bay and the like.

MM305
2 months ago

Also in poorer neighborhoods like Miami Gardens Hialeah and the like, which are not in the urban corridor, ownership rates are closer to 60% like Gables Pine Crest,

Antennae
2 months ago

Only the beginning. A year and a couple months is nothing.
Only the beginning.

Anonymous
2 months ago

Drill some more, pump up oil capacity and get fuel prices down.

Anonymous
2 months ago

i have an electric vehicle powered by natural gas powerplant

nonmous
2 months ago

“electric vehicle… powered by – natural gas – powerplant?”

Uh.. that doesn’t make sense…

Anonymous
2 months ago

he’s talking about the irony of people who say electric vehicles are the answer, but would still require natural gases to generate the electricity

although the scale of those powerplants far exceeds the efficiency of single-unit combustion engines. And disregards power made by renewable or nuclear (as most of South Florida’s power is nuclear) sources.

nonmous
2 months ago

Well tell that to Elon Musk. Besides, have you ever heard of something called “solar power?”

Anonymous
2 months ago

Tell that to everybody who can’t afford Elon Musk’s stuff.

nonmous
2 months ago

They, including me, also can’t afford a $20 million dollar condo in a highrise building in Surfside.. but hey, life goes on.

DWNTWNR
2 months ago

Over 70% of FPL’s energy comes from natural gas, which is worse for climate change than petroleum and coal. Only 12% of FPL’s energy is from nuclear.

Anonymous
2 months ago

Coal is not better for the environment than natural gas! That is insane, According to the U.S. Energy Information Administration, natural gas emits almost 50% less CO2 than coal and has only 1/5 as much material waste product.

anonnon
2 months ago

I’m sorry but you are severely misinformed, natural gas is substantially cleaner than petroleum and coal.

Anonymous
2 months ago

Electric vehicles built by gasoline powered plants with batteries that are toxic to the environment and not and made in China. What a joke of a movement

Anonymous
2 months ago

How much are these politicians and former politicians making on this

blahblah
1 month ago

Every part of an ev is 100% recyclable, even the batteries, not only that but evs will last longer on the road than an combustion engine. But also taking electricity from a power plant is much more efficient than having to drive to a gas station for gas, that station gets filled up by tanker trucks, that burn gas to haul gas from a port that gets its gas from a ship that burns gas to transport its gas from a refinery that gets its oil by sea transported from another country on a giant ship that burns huge amounts of gas to get there.

Anonymous
2 months ago

And you are so naive to believe we have an oil shortage?

Professor
2 months ago

It doesn’t matter how much you drill, the price is not determined by a President.

Anonymous
2 months ago

Determined solely? Yeah you’re right.

Has an outsized effect on market conditions and futures speculation, which will effect the commodities prices of the here-and-now? You better believe it.

nonmous
2 months ago

During the gulf war under GW B u s h, we had oil out of the ying yang and gas prices were still over $3.00 a gal. at the pumps.

Afi K. James
2 months ago

Now it’s even worse under this current senile old bitty

nonmous
2 months ago

But that current “senile old bitty” don’t have you believing that Mexico is going to pay for a border wall that he’ll build.

Anonymous
2 months ago

But you do agree that more drilling well help and we should drill more???

Anonymous
2 months ago

No. Drilling more will not change the equation. All that does is delay the inevitable. The US needs to double it’s efforts to get off fossil fuels and not be vulnerable to the whims of our enemies.

nonmous
2 months ago

Also, OPEC pockets were hit hard when the economy of the world basically shut down for a year. And now the oil market is making up for that lost by restricting the barrels of oil they sell and selling the barrels they do release at a higher price.

Anonymous
2 months ago

Drilling more may not be the full solution, but it is a part of it. Also the XL pipeline being nixed did affect gas prices. It would have supplied over 10-20% of the oil for our country. And the best part was the drilling was going to be in Canada, only a pipeline to US. Pipelines are not as dangerous and do not cause as much harm as the drilling by a wide margin. It was a Biden decision. He has to own up to it. I am for Biden, but we have to be honest about his mistakes and lack of foresight. He is not the sole reason for hyperinflation, but he has an outsized affect on its outcome.

Anonymous
2 months ago

Thank you! The political lunies here are chomping at the bit to blame the president. When in fact the world market sets the price per barrel of oil, so no matter how much we drill, we don’t set the price. Our enemies, (Russia, Iran and Venezuela) are the countries setting the per barrel price. It’s another good reason why we should be promoting alternative means of energy that we can control.

anonnon
2 months ago

The market is determined by supply and demand. Iran and Venezuela are sanctioned and their oil is not on the market. They have no role in currently setting any prices. Russia is currently being taken out of the market and going to have to sell oil on a country to country basis and are currently trying to sell their oil at a discount.

When our president and his party advocate for ending fossil fuels and doing whatever they can to destroy the industry the industry stops investing in capital expenditures and reduces future production. That lack of future supply and incentive structure tells markets there will not be future supply coming into the market to bring down prices and meet the demand.

You are very wrong that no matter how much we drill we don’t set the price. If we had an incentive structure to incentivize drilling and to support American energy independence we would substantially bring down prices, just like we did from 2014-2021.

Anonymous
2 months ago

Yes it is . A President actions absolutely effect the oil markets and the price

Anonymous
2 months ago

How do you expect to be taken seriously with grammar like that?

Anonymous
2 months ago

Or stop fucking driving so much. Dumb Americans

nonmous
2 months ago

Forget it… he rides his donkey to everywhere he goes in his country.

Anonymous
2 months ago

So right. Americans love to complain about gas prices as they drive to Starbuck’s four blocks away in a gas-guzzling SUV that gets 12 miles per gallon.

Anonymous
2 months ago

Leave then! We won’t miss you. And maybe it will keep rent prices a little lower.

Anonymous
2 months ago

Considering I’m an owner, not a renter, it wouldn’t help your rent if I leave. I choose Miami because it’s the least like the rest of the US. But please do enjoy sitting in traffic to get your frappucino!

Anonymous
2 months ago

This is a city built in large part by people who risked their lives to come to this country and you hate America? Yikes.

Anonymous
2 months ago

You mean people who got a free pass due to political tensions between two superpowers? Try again.

IDK
2 months ago

Why is “The Next Miami” always so political. I thought this was supposed to be mostly centered around urban development and commercial real estate?

nonmous
2 months ago

Maybe the question you should be asking is why are so many people who come this site dumbfounded about politics and the economy?

Mike Brady
2 months ago

Real estate is heavily political! Zoning, permits, approvals, subsidies, licensing. Think about it.

Anonymous
2 months ago

Come back tommorow for Broward news.

MM305
2 months ago

How is this story political? Its simply reporting statistics. It seems like the opposite, that its just statistical data with no political slant. Do you think this is slanted to the right or the left?

Joe Blinden
2 months ago

I thought I was going to improve the economy. Shit…

Anonymous
2 months ago

And I did, with the fastest growth of the economy in years! Neither Trump, or Biden could have changed the outcome of the current inflation. It’s all about demand and supply. Currently demand exceeds supply due disruption in the supply change for goods and services worldwide due to the covid pandemic.

Anonymous
2 months ago

Supply chain…typo

Market Urbanist
2 months ago

NPC

Anonymous
2 months ago

True, but limiting the supply of gas and oil through “green initiatives” and getting rid of drilling and pipelines did have an affect on this. That gas and oil got contracted to go elsewhere instead of the US. Now that energy is promised to other countries as a result – limiting the global supply available to the US.

The Don
2 months ago

You didn’t do the right thing for the country! You should be ashamed!

nonmous
2 months ago

The economy has improved.. haven’t you read about the low unemployment level? President’s can’t tell you how much you better charge for your car or house. The same thing applies to a barrel of oil or the cost of a chicken. The world has what we call, “competition.”

Bob
2 months ago

And the southern border

Anonymous
2 months ago

Well yeah, I’m sure the unemployment rate is going to drop after spiking because COVID lockdowns that totally worked.

Professor
2 months ago

Thank god a domestic terrorist isn’t in the white house anymore.

Professora
2 months ago

Yea glad Clinton is long gone!! ^

Anonymous
2 months ago

Closest thing, considering Clinton pardoned Susan Rosenberg at the request of Jerry “Antifa is just an Idea” Nadler. Second only to Obama being mentored by Bill Ayers and pardoning FALN militant Oscar Lopez.

Anonymous
2 months ago

You obviously don’t know what a terrorist is, just like you don’t know what a peaceful protester or an insurrectionist are.

Anonymous
2 months ago

LOL!

nonmous
2 months ago

Look, I’m in the party that respects “Law and Order!!!”

Mike Brady
2 months ago

Why didn’t the Herald report this? They get more lame and less relevant by the day.

Rickscottkilledhighspeedrail
2 months ago

WHAT

Afi k James
2 months ago

Inflation is killing us period

Anonymous
2 months ago

Yup. Time to move out of the sunbelt and move north. Ohio still has a low cost of living.

ignoranymous
2 months ago

Wow, Ohio… even Labron got the fuck out of that state.

Anonymous
2 months ago

Well, as a native of Miami, I cannot imagine too many other places worse. I don’t know what you have against Ohio, but it sure beats living in Miami.

Anonymous
2 months ago

And you misspelled LeBron you ignorant pr*ck.

Anonymous
2 months ago

There are reasons why Ohio is cheap, and none of them are good.

Anonymous
2 months ago

Columbus is great from what I hear.

C Ya
2 months ago

FU Miami! I’ll live in Ft Lauderdale instead. The Next Ft Lauderdale!

Not Anonymous
2 months ago

Then please, go. We don’t want you here.

Ron DeSantis
2 months ago

This is Fake News!

ignoranymous
2 months ago

lol

Anonymous
2 months ago

Notice the article says Miami (i.e., South Florida), as opposed to the State as a whole.