Tampa Bay area is ranked No. 1 in the nation for inflation, according to a new report by WalletHub. Experts say the issue can be addressed with “more affordable housing policies.” Tampa was joined by San Diego, California at the top of the list, with Miami-Fort Lauderdale-West Palm Beach and Tampa-St. Petersburg-Clearwater following close behind.
The January Consumer Price Index (CPI) data came in at 6.4% year-over-year, and WalletHub data shows several metro regions are seeing significant increases in inflation. Miami-Fort Lauderdale-West Palm Beach is at just under 10% inflation while Tampa-St. The unemployment rate in the Petersburg-Clearwater area Other areas such as Seattle, Atlanta, Dallas and Riverside are also above the national average.
Michael Snipes, an economics instructor at the University of South Florida, attributes this rise in inflation to population growth. As more people move to the Tampa Bay area, they bring their possessions and income, leading to an increase in spending and an upward pressure on prices.
This is supported by the fact that Florida had the highest population growth rate in the United States last year, according to Census figures. With more people coming into the state and these metro areas, it increases the cost of living.
In order to combat this inflation, experts suggest a focus on more affordable housing policies. This could help reduce the pressure on prices and make living in the Tampa Bay area more accessible for everyone.
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