Miami, Detroit and more
In 2022, inflation hit a 40-year high. Since then, it has slowly started to decline — but some areas are still faring better than others.
Cities in Florida, for example, top WalletHub's recent list of cities where inflation is rising the most. As far as individual cities go, Miami is No. 1, while Tampa, Florida, ranks fourth on the list.
Over the 12 months ended in April, the consumer price index — which measures the change in prices for goods and services paid by consumers — increased by 9% in Miami and by 7.7% in Tampa, compared to 4.9% for the U.S. overall.
Miami's above-average jump is partially due to its 15% increase in housing prices since April 2022, according to the U.S. Bureau of Labor Statistics. Other costs also have increased in Miami and throughout Florida, says WalletHub communication director Jill Gonzalez.
"In addition to housing, other costs of living have gone up," Gonzalez tells CNBC Make It. "Electricity and other utilities have been some of the biggest drivers of inflation."
The cost of food in Miami rose 7.9% between April 2022 and April 2023, while energy prices increased by 7.1%, data reveals.
In New York City, inflation growth was much lower: 3.7% on the CPI. However, New York has a higher baseline cost of living and, consequently, inflation has less room to grow, Gonzalez explains.
Here are the inflation increases in 10 major cities, ranked by a weighted average of year-over-year and two-month changes in CPI:
Source: CNBC
