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Front Page » Top Stories » Consumer prices in South Florida rise faster than nationally

Consumer prices in South Florida rise faster than nationally

Written by on September 24, 2019
Consumer prices in South Florida rise faster than nationally

Consumer prices in South Florida rose more quickly than those nationally in the 12 months through August, two new reports from the US Bureau of Labor Statistics show.

The increase in consumer prices overall was 1.9% for the 12-month period in the Miami-Fort Lauderdale-Palm Beach region, while in all urban areas nationally the increase was 1.7%, the reports show.

Within those general increases, however, some prices both rose far more and others actually decreased, depending on the spending categories.

In South Florida, for example, gasoline prices dropped in double-digit percentages, with all gasoline falling 11.3%. Within that category, unleaded regular gasoline prices fell 11.4% during the year, unleaded midgrade fell 11.8% and unleaded premium fell 8.3%. In all urban areas of the nation, the price of gasoline overall fell 7.1% in the 12-month period.

That falling price of gasoline helped drive down the cost of transportation in South Florida by 2.8% in the 12 months, according to the regional report from Janet Rankin, regional commissioner of the Bureau of Labor Statistics. The national summary issued last week did not offer comparable figures.

The only other broad category where costs in South Florida declined in the 12-month period was recreation, with costs down on average 0.2%.

The largest increases in South Florida over the year were for shelter and for apparel, both rising 4.4%, far faster than the national rate of increase in urban areas. The national cost for urban areas shows a 3.4% rise for shelter and 1% for apparel.

Within the shelter category, in South Florida the cost of renting primary residences increased an average of 4.2% while the owner’s equivalent of rent rose 4.7%.

Prices paid in South Florida for food rose 0.3% over the year, Within that category, the price of food eaten at home actually fell 0.1%, but the cost of food away from home in the region rose 0.8%. Nationally in urban areas the price of food at home rose 0.5% and the price of food eaten away from home rose 3.2% – 3.4% for full meal service and 3.1% for limited meal service.

The average cost of medical care in South Florida increased 1.4% for the year.