Economic Snapshot: South Florida Inflation

What the data shows: The consumer price index for all urban consumers in the Miami-Fort Lauderdale area in October. This is the most recent Florida data available. Inflation data is available for this area bi-monthly, while data for the Tampa Bay area is only available twice a year. Economists agree the Miami inflation data should not materially differ from the Gulf Coast.

What it means: Inflation remains tame in South Florida, led by declines in apparel and recreation. The only category that showed a meaningful year-over-year increase was “other goods and services,” which rose 8.6%. That index category includes tobacco and smoking products, personal care products and miscellaneous personal goods. Medical care and education are the only other categories that showed annual percentage increases, though these increases were modest. Energy prices fell 0.2%.

Forecast: Predictions of inflation haven't manifested themselves yet in South Florida and probably won't until the economy begins to recover meaningfully. Housing costs will continue to be under pressure until unemployment rates fall and the glut of foreclosed homes falls, for example. A rapid spike in energy prices could change that outlook.

South florid CPI
Item Index Annual chg.
Other goods/services 303 8.6%
Medical care 365 2.0%
Education 119 2.2%
Housing 226 -0.8%
Food and beverages 225 -1.0%
Recreation 117 -2.3%
Apparel 147 -8.0%
All items 222 -0.6%
Source: U.S. Department of Labor Bureau of Labor Statistics