The Sunshine State currently has the highest inflation rate in the entire country, driven by climbing housing and insurance costs.
Inflation may still be bad in the U.S., where the consumer price index rose by an unexpected 3.5 percent in March compared to a year before, crushing hopes that the Federal Reserve would cut interest rates anytime soon. But nowhere else in the country is inflation currently worse than in Florida, where it reached 3.9 percent last month, according to an analysis of index data by Moody's Analytics based on a three-month moving average.
These factors driving up inflation—the high cost of housing and home and car insurance, rent and transportation—are rising across the country, but they're increasing more in the Sunshine State.In part, the cost of housing and renting has grown out of Florida's booming popularity among Americans relocating across state lines. Thousands of people have moved to the state in recent years, especially since the pandemic, in search of warmer weather and a relatively lower cost of living.
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