HALLANDALE BEACH, Fla. – From commodities at the grocery store to the necessity at the gas pump, consumers across the country are feeling the pinch.
A new report that revealed the U.S. economy’s inflation rate is 9.1 percent higher than it was in June of last year.
That number surprised experts like Eric Smith, a certified financial planner.
“It’s the highest in four decades, we have not seen anything like this,” said Smith.
The bad news means many families across South Florida will have to make tough choices: fill the fridge or fill the gas tank.
“We’re spending more, but the problem is our wages aren’t necessarily keeping up with that, so even if a person gets a three percent increase, and you have 9.1 percent inflation, you’re still 6.1 percent behind in your purchasing power from a year ago,” Smith said.
Real estate and rent are up too. The average rate for a one-bedroom apartment hit $1,700.
Here’s the big picture in numbers specific to Miami Dade and Broward, according to the U.S. Bureau of Labor Statistics.
Handing over $100 in the year the 2000 would be like spending $181 today and spending $100 dollars last year would be like spending over $107 this year.
That’s a 7.6 percent increase in a single year, which, while high, is still lower than the national average.
“I think the Florida economy is in a lot better shape than other places in the country,” said Smith. “This is the attractive state to come to. We don’t have a state income tax and we have great weather, as you know.”
All this has led to scenes like one on Wednesday, with long lines at drive thru food distribution sites like one in Miami Gardens.
“Rough,” said Alfonso Watson. “I get a check once a month, so you know how that is.”