Florida's inflation rates are skyrocketing and the state now leads the nation thanks mostly to the rising cost of housing.
The national average inflation rate was 4%, but in the Miami-Fort Lauderdale-West Palm Beach metro area, inflation rates reached 9%, according figures released by the Consumer Price Index this week.
The Tampa-Clearwater metro area saw inflation rates of 7.3%, according to the CPI.
However, inflation rates are not the only numbers that Florida is leading the country in.
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Florida also saw a higher influx of people than any other state, according to the Tampa Bay Economic Development Council.
From July 2021 to July 2022, nearly 444,500 people moved to Florida, which compared to the previous year was a gain of 185,000, the largest year-over-year impact of residents moving, according to the EDC.
People seeking a lower cost of living have found refuge in Florida over the years, but as the population of the state grows, available homes are growing scarce.
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Rental spaces are similarly hard to come by, as some homeowner's associations prohibit renting out your home.
The shrinking supply and increasing demand for a house in the state have pushed prices higher than ever.
Housing costs account for a significant portion of the CPI, meaning that Florida's high inflation rates are being driven primarily by the shortage of homes.
Some other metro areas across the U.S., like Minneapolis, saw inflation rates drop down to 1.8%.
