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Inflation still going up in South Florida

Sun-Sentinel - 9/16/2008 12:00:00 AM
by Harriet Johnson Brackey

While the nation as a whole got a break in August, because consumer prices actually went down for the first time in almost two years, South Florida's not so lucky.

Local inflation, in the Miami- Fort Lauderdale metropolitan area, went up, again, at a 0.2 percent rate during the months of July and August, according to the Bureau of Labor Statistics. The local figure is reported for two-month periods and the figure is released every other month. Palm Beach County's price changes aren't measured by the BLS.

That means we have a 5.8 percent annual rate of inflation, higher than the nation's 5.4 percent annual rate. Again. South Florida's inflation rate has often been higher than the national rate in the last two years.

In August, the BLS says nationwide consumer prices fell 0.4 percent for the month. With seasonal adjustments, the rate was 0.1 percent.

That compares to a seasonally adjusted 0.8 percent rise in July and 1.1 in June.

Big declines in oil prices were the reason prices fell.

The turnaround came at a crucial point for the nation's economy. In June, the national rate of inflation was the highest in 17 years.

Later today, the BLS will tell us more details on South Florida's inflation rate and how this region compares to other large metro areas.