Inflation is rapidly cooling across the U.S. — unless you live in Florida.
Residents in the Miami-Fort Lauderdale-West Palm Beach area saw prices shoot up 9% in May compared with a year earlier. By comparison, nationwide inflation for the same period was less than half that rate, with prices risingcompared with a year earlier. People living in the Tampa-St. Petersburg-Clearwater area have it slightly easier, with inflation rising at a 7.3% annual pace, but that's still much higher than the U.S. as a whole.
Housing remains a flashpoint across the U.S., to be sure, but Floridians are suffering from extreme price pressures beyond the national norm, where housing prices rose 8% in May — still high, but considerably lower than the wallop felt by many in Florida's biggest cities. That's compounded by a limited housing supply as well as higher mortgage costs and property insurance, he added.On Wednesday, economists and pundits will be watching for signs that inflation is easing across the nation when the Consumer Price Index for June is released at 8:30 a.m. Eastern time. The CPI, a basket of goods and services typically bought by consumers, is expected to decline to 3.1%, from 4% in the prior month, according to economists polled by FactSet.
as part of its ongoing effort lower prices, which could put more pressure on housing costs if mortgage rates continue to rise.already at 2% or lower
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