Inflation increased for a third straight month in March, according to the Labor Department’s consumer price index (CPI). Overall prices were up 3.5% from March 2023 and up from February's 3.2% increase.
On a monthly basis, costs on core prices — which leave out items with volatile prices such as food and energy items — rose 0.4%. Inflation remains dramatically lower than the 40-year high of 9.1% in June 2022. Used cars, furniture and appliances have dropped in price as supply chain bottlenecks during the COVID pandemic have resolved (although goods prices rose in February) but rent, car insurance and transportation costs continue to rise.
And nowhere are they rising more than Florida.
Florida has highest inflation rate in U.S.
The Sunshine State has the nation's highest inflation rate, 3.91%, according to an analysis of index data by Moody’s Analytics based on a three-month moving average.
While Florida has long been a popular destination for workers and retirees, a large number of Americans have migrated down south to Florida over the past few years. Some came because during the pandemic they could work remotely and decided to do so from a warmer climate. Some came for the lack of state sales tax. Some people wanted to live in a state controlled by Gov. Ron DeSantis' conservative policies. But that influx also helped jack up prices.
The state gained 194,000 more residents than it lost last year, according to Moody’s and Census Bureau figures, driving up the cost of single-family homes and rent, food, furniture and other goods and services. Meanwhile, hurricanes and other disasters drove up insurance prices to record levels for the companies that didn't just leave the state.
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How much do Floridians spend on groceries?
According to the U.S. Census Bureau, you can expect to spend an average of $287.27 a week on groceries inFlorida, the fifth most expensive state in the nation after California, Nevada, Mississippi and Washington.
With children in the house, Floridians spend, on average, $341.40 a week.
While we're not the priciest state at the checkout, we do have the most expensive city. The average household in Miami spends about $327 a week on groceries, according to an analysis fromHelpAdvisor of the Census Bureau data. That's about 14% higher than Florida's statewide average, which is about 6% higher than the national average.
How much is insurance in Florida?
The Insurance Information Institute (Triple-I) reported that the average insurance premium for Florida homeowners in 2023 was $4,231 per year, nearly triple the average national costs.
Why? Lots of reasons. In October 2022, Triple-I revealed thatFlorida led the country in homeowners' insurance-related litigation, making up 79% of the lawsuits across the U.S. while accounting for just 9% of the total claims.The state also sees record amounts of roof-replacement scams. Legislation passed in 2022 made it harder to sue insurance companies but may have increased rates for consumers with new state-backed Citizens Property Insurance Corp. requirements. And that was before the state was ravaged by hurricanes Ian and Nicole
Companies continued to stop offering policies with some shutting down or leaving the state completely, further driving up remaining rates. However, in January six new insurance companies announced they were coming to the state.
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Florida lawmakers finally took aim at premiums in the 2024 legislative session, passing HB 7073/SB 7074 to eliminate certain homeowner taxes and fees and funding the My Safe Florida Home program which helps homeowners harden their homes against hurricane damage and lower insurance costs. Gov. DeSantis has not yet signed either bill.
Vehicle insurance in Florida at the end of 2023 was $2,917 or $243 a month for an average annual full-coverage rate, according to virtual insurance agent Insurify. That was 44% higher than the U.S. average and the third-highest in the nation, after New York and Nevada, largely due to severe weather events (hurricanes, tornadoes, flooding), the skyrocketing cost of auto parts, multiple insurers halting new policies or leaving the state completely, and rampant insurance fraud, Insurify's report said. And it's likely to go up again in 2024.
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What states have the highest inflation?
Percentage change over years ago, 3-months MA as of Feb 2024.
According to the CPI report, the state with the highest 12-month inflation rates are:
- Florida: 3.9%
- Tennessee: 3.8%
- Virginia: 3.8%
- South Carolina: 3.6%
- Alabama: 3.6%
Paul Davidson, USA TODAY, contributed to this story.
