Miami-Dade cost of living rise exceeds US average

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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