South Florida cost of living rose almost 10% in year

Written by Miami Today on January 17, 2023

South Florida’s cost of living rose nearly 10% in 2022, new US Bureau of Labor Statistics figures reveal, the highest increase by far in recent years at 9.9%. South Florida’s increase was far higher than the 6.5% rise across the nation.

The largest major increase in costs in South Florida was the so-called shelter index – the cost of one’s home. That expense rose 17.2% in the region, including 19.6% for renters and 17.3% for the owner’s equivalent of rent. Nationally, the shelter index increase was far smaller, 7.5%.

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