South Florida’s 1st News With Andrew Colton

South Florida’s 1st News With Andrew Colton

You likely saw Andrew Colton reporting live from many of the major events that have shaped our world, including the Pentagon on 9/11, the crash of...Full Bio

 

Florida is America's Inflation Hotspot due to Skyrocketing Housing Costs

U.S. Mortgage Rates Hit 7 Percent, Highest In 20 Years

Photo: Getty Images

(FLORIDA) -- In addition to being the lightning capital of the world, Florida is also the inflation hotspot of America thanks to skyrocketing housing costs.

The Consumer Price Index in Miami and Tampa was among the highest in the country for April and May.

According to the CPI, Miami's inflation rate more than double the national average at 9 percent and Tampa was third at 7.3 percent.

Economic analysts say the flood of new residents to Florida and a spate of affordable housing is driving up inflation.


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