What inflation? But watch gas prices

One silver lining to the housing downturn is that it's keeping inflation in check in South Florida.

Economists in Lee and Collier counties watch the bi-monthly consumer-price index for the Miami-Fort Lauderdale area because it's a closer match than the Tampa measure of inflation.

The index dropped 0.2% over the two months ending in February, pushed downward from December by lower housing and recreation costs. Housing prices fell 1% and recreation dropped 2.5%.

Energy prices fell by 4% while food costs were unchanged. Excluding these two volatile categories, inflation in the Miami-Fort Lauderdale area rose a modest 0.3% in January and February.

Transportation costs continue to take a bite out of Floridians' wallets, though. Since February 2009, transportation costs have risen 10.3%, dominated by a 35% increase in motor-fuel costs.