If you are a South Floridian there is bad news for you. Inflation was the highest in two years in South Florida after the month of April and one of the main reasons behind such inflation was the increase in gas and food prices.
According to a report published by the Bureau of Labor Statistics (BLS), groceery prices increased by 1.3% over the last two months and 3.6% over the last 12 months. As far as gas price is concerned, it has seen a 9% increase in April only whereas it was a yearly 4.2% increase just 2 months back. All these have contributed to recording the highest inflation rate in South Florida in two years – a 2.25% increase in April from a year ago whereas February 2012 saw an increase of 2.9% from previous year in South Florida’s Consumer Price Index for all Urban Consumers.
Just like what increases in gas and food prices did to the overall inflation rate, increase in electricity cost was also responisble for recording the highest ever inflation rate in two years. According to BLS, electricity rate rose by 6% over the last 12 months. The report also shows that medical care expenses rose by 5.3 percent in last 12 months time. The reduction of clothing costs came as the only relief for the South Floridans.
So, it’s going to be quite challenging for the South Floridians to control their costs in accordance with the kind of income they generate. But there came some good news for the South Floridians we went through the newspapers last week which could help them maintain their budget through cost control. One of those good news is the fall of unemployment rate in South Florida. There are lots of factors that affect the inflation rate in a State or Country. Hopefully, there will be positive news in the coming days and inflation will go down gradually if not radically.