Floridians battle 5th highest inflation rate in the nation
ST. PETE BEACH, Fla. - Floridians are battling the fifth-highest inflation in the nation, according to statistics released by Moody's Analytics on Thursday Afternoon.
"We certainly have to budget differently now, to get even the necessities," one St. Pete Beach resident said. "I'm just glad that I don't have a young family anymore, because I don't know how they're making ends meet."
At 3.99%, Florida is only a few tenths-of-a-point from the top, nearly tied with California and a half-point higher than Texas.
READ: Why are food prices so high despite inflation falling?
Florida now has nearly 200,000 more people than it did last year.
"More people moving in has put a lot of upward pressure on house prices, for example," said Adam Kamins, a regional economist for Moody's. "That upward pressure exists everywhere, but it's been significantly stronger in Florida."
The Bureau of Labor Statistics said in the Tampa Bay area, year-over-year food prices are up by eight-tenths of a point. Statista says the median home in Florida is now $410,000, up from $264,000 in 2019, before the pandemic.
During a press conference Wednesday, Governor Ron DeSantis laid inflation at the feet of the Federal government.
MORE: More people moved to these US counties in 2023 than anywhere else
"We don't control the national economy," said DeSantis. "We're just a very small sliver with our state budget."
The good news, though, is that economists don't expect inflation to go on forever. Moody's called recent inflation "surprising" and said it'll be a year before inflation recedes to normal levels.
Economists expect increases in housing and gas to slow.
"We're not doomed to these sort of high inflation readings forever," said Kamins. "But clearly, these high prices are proving a bit more persistent than a lot of people thought."
Of course, relief is always a day too late.
READ: US national debt nears $34 trillion; majority of voters say economy is in bad shape
"My kids, they're struggling a little bit," said one Bartow resident, "trying to find the right places to live and everything with the, you know, the market right now. It's not easy."
Inflation is a worldwide problem, with inflation infecting almost every country, including every G-20 country.
The other bit of good news is that both the job market and real wages have grown.
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