If you feel like the cost of living in South Florida is rising faster than in the rest of the nation, you’re right – even though the percentage of cost increases has fallen annually for three years.
The cost of living in Miami, Broward and Palm Beach counties in June was up 3.1% from a year earlier, while for the nation as a whole the increase was just 2.7%, according to data that the US Bureau of Labor Statistics released last week.
On the other hand, the 12-month cost of living increase in South Florida was 10.1% in 2022, 6.5% in 2023 and 3.5% last year, so the pace of price increases is slowing.
You might not feel any slowing if you’ve been clothing shopping lately. The cost of apparel here is up 14% in the past year, driven by US tariffs and foreign retaliation that have driven up prices.
If you haven’t been shopping, you’ve been eating and feeling the rising cost, up 3.8% in a year at home (versus 2.4% nationally) and 6.9% in restaurants (up 3.8% nationally).
Meats, fish, poultry and eggs are up 7.8% here (5.6% nationally) as are nonalcoholic beverages (up 4.4% nationally). Dairy product prices rose 3.8%, versus 0.9% nationally. Fruit and vegetable costs here were up 2.4%, only 0.7% nationwide.
Your South Florida food bargains now are cereals and baked goods, down 5.2% in the past year.
The major factor keeping the cost of living from rising even faster here is the fall in gasoline prices, down 9.5% in the year. That was the reason transportation costs dropped 0.1% over the 12 months. The cost of new and used cars rose 1.9% in the period.
Housing cost rises have moderated from the past, with a 3.1% increase matching the total local price rise. For renters, the increase was a bit less, 2.9%.
In other categories, the area cost increase for medical care was 4.5% while nationally it increased 2.8%. But the cost of recreation in South Florida fell 1.5% in the 12 months, while nationally it rose 2.1%.
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