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America's inflation hot (and cold) spots revealed - including the scenic Florida beach city where prices are cooling fastest
Inflation has taken over America as prices have risen at grocery stores, restaurants and gas stations.
But fascinating new data reveals how much price changes vary state-by-state and even city-by-city.
Tampa, Florida saw the lowest inflation rate among a total of 23 metropolitan locations across the US, according to data from the Consumer Price Index.
In the 12 months to May, inflation reached 1.8 percent in the Tampa-St. Petersburg-Clearwater region in the Sunshine State. By comparison, the national rate of inflation is hovering at 3 percent as of June.
Meanwhile, the 'urban Hawaii' area, anchored by Honolulu- another picturesque beach location- took first place for the highest inflation rates in the nation at 5.2 percent in May.
Over the past two years, inflation rates only reached 1.8 percent in the Tampa-St. Petersburg-Clearwater region in the Sunshine State. (pictured: A view of Tampa suburbs)
The 'urban Hawaii ' area, anchored by Honolulu- another picturesque beach location- took first place for the highest inflation rates in the nation after rates soared 5.2 percent since 2022. (pictured: Hotels and resorts around beach in Honolulu)
The stable inflation rates in the Florida city is credited to the vast economic development and residential construction in the region.
Because of the booming housing market in Tampa, the costs of homes have leveled out and become affordable for buyers.
During the COVID pandemic, many remote workers and baby boomers fled their bustling lives and moved into the coastal Florida city, CNN Business reported.
They did so to enjoy the warmer weather and lower cost of living. From 2021 to 2022, Florida as a whole was crowned the fastest-growing state in the nation, according to Census data.
Brian Adcock, chair of the Tampa Bay Chamber, explained why Tampa has seen such a decrease, especially when compared to other major cities in the state.
'Tampa is a fast-growing area and there’s significant building going on because we have a lot of available land in surrounding areas like Hillsborough County and Pasco County,' he said.
'There are a lot more neighborhoods now and that’s the key difference with Miami.'
This hasn't always been the case for the Tampa metro area, as inflation rates hit and all-time high of 11.3 percent in 2022.
Redfin reported that the median rental price in the city has declined by six percent in a year from June.
Besides affordable housing, Tampa also has 'an incredible metamorphosis' because of development across the area.
The stable inflation rates in the Florida city is credited to the vast economic development and residential construction in the region. (Pictured: Constriction crew works on Tower II of the The Ritz-Carlton Residences on July 17)
'We’re fortunate to have incredible developers in our region, not just individuals that are coming in, building high-rises and then leaving,' Tampa Mayor Jane Castor said in early July.
'We have people that are invested in our community.'
By comparison, prices are rising much more drastically in Hawaii.
Many have relocated to the small state in search of a tropical lifestyle, but are also met with the expense that brings.
A huge factor that plays a role in costly living in Hawaii is based on the location of the state that is a little more than 10,900 square-miles long.
With the difficulty of getting around the Pacific Ocean, transporting materials and goods is very costly.
It has also become hard for the rate of homes to keep up with the influx of residents, not to mention the many tourists that travel there.
In May, the shelter index - which refers to housing costs - for 'urban Hawaii area' came in at a 10.7 percent annual rate. That is more than double the national rate of 5.2 percent recorded in June.
'It’s very well recognized statewide that we have an affordability crisis, a housing crisis,' Carl Bonham, an economics professor at the University of Hawaii told CNN.
As for the state's housing market, it's become hard for the rate of homes to keep up with the influx of residents, not to mention the many tourists that travel there. (pictured: A neighborhood of single-family homes in Honolulu)
'We just don’t build enough housing, and some of the housing gets bought by non-residents and held as second homes, making it worse.'
Because of the housing issue, many families have had to settle for multi-generational living, according to Roseann Freitas, chief executive of Building Industry Association of Hawaii.
Freitas added that the Lahaina wildfires that consumed the state in August 2023 also 'had a huge impact on the rental market' in the area, that was already short by about 10,000 homes before the devastation.
Other than Tampa, other major cities, including Houston, Minneapolis, and Denver have experienced a decrease in inflation rates due to a surge in homebuilding, economists said.
Right along with the Honolulu area, Dallas, New York, Boston and Riverside have seen a large jump in inflation rates from 2022-2024, according to the Bureau of Labor Statistics.
Houston, Texas, came after Tampa as the second fastest place where prices are cooling.
Prices in Houston rose 2.1 percent from 2022 to 2024.
Dallas, Texas came after Hawaii as the second highest place where prices are rising.
In two years, the interest rate in Dallas reached five percent.