TAMPA, Fla. — If inflation has been hitting your monthly expenses hard, it will come as no surprise Tampa has seen the largest inflation increases across the board out of all major cities in the US.
In a new report, Bloomberg says Tampa tops the list of major cities with an 8% inflation rate compared to this time last year.
That's pushing more people and businesses to the suburbs.
What You Need To Know
- New Bloomberg report lists Tampa at top of inflation increases
- 8% higher inflation rate compared to this time last year
- PODCAST | Economics 2021: Inflation frustration
"Rent has gone up insane in Lakeland just because of the market boom here. People are moving here, they can't afford Tampa."
Gina Tullio opened a Rita's Italian ice franchise in Lakeland during the pandemic, and says aside from challenges with the supply chain and increasing costs, rent is also going up as more people and businesses look for cheaper prices.
From the gas pump to the grocery store, everything is getting more expensive in Tampa.
Bloomberg blames the influx of new Florida residents that fled COVID lockdowns in their former states.
More people means more inflation, with Tampa now topping the national rate of 6.8% by more than 1%.
There may not be a quick end to the current round of inflation.
The Federal Reserve recently dropped the word "transitory", meaning temporary, from it's description of the current inflationary trend.