Inflation is cooling in some places across the country.
The Tampa metro area is not one of them, according to November consumer spending data.
Daniel Hornung, a national economic director for the Biden Administration, said the latest data shows a steady cooling off of prices nationally.
“We’re seeing inflation slow, really across the board, and we’re seeing price declines in a number of key categories,” he said.
Those categories with annual price declines nationally, include energy, auto and medical costs.
Consumer price data released in November, which provides a snapshot of prices up until October, shows that the national inflation rate – at 3.2 percent – is far below its peak of around 9 percent in June of 2022.
“Even with that progress we're seeing, we know that we need to continue doing more to lower costs for American families,” Hornung said. “And so that is a central priority of this administration going forward.”
In the Tampa metro area, costs aren’t cooling as fast as they are nationally.
At 6.7 percent, the 12-month inflation rate for the Tampa-St.Peterburg-Clearwater region is more than double the national rate, according to the latest Labor Department report.
Experts say the region’s stubborn inflation rate is due to higher housing, food and energy costs.
Over the past 12 months, ending in September, food costs climbed 4 percent overall with the cost of eating out increasing at almost twice that rate, according to the data.
Energy costs climbed 5.9 percent over the past year with the cost of electricity, up 9.5 percent, and gasoline up 5.3 percent, contributing to the increase.
Looking at price changes month-to-month, experts say there could be some relief for Tampa Bay residents on the horizon.
This week, AAA reported that Florida gas prices dropped to the lowest levels this year and are expected to hold through the holidays.
Earlier this month, Tampa Electric customers were also promised an 11 percent rate cut for utilities service to begin Jan. 1.
Gabriella Paul covers the stories of people living paycheck to paycheck in the greater Tampa Bay region for WUSF. She's also a Report for America corps member. Here’s how you can share your story with her.
