Brutal Day on Wall Street as Gas, Rent Prices Continue to Rise, Especially in Miami – NBC 6 South Florida

It seems like the cost of just about everything is going up, between gas prices and rent — especially in Miami.

Now, as stocks tumble, there’s growing fear our economy could be headed for a recession.

At Monday’s closing bell, all three major averages closed down.

“We’ve kind of been in this very choppy, correction bear market for a couple of months now,” said Florida International University finance professor Mark Del Pezzo.

Sky-high inflation and a potential recession are weighing heavily on investors.

The broader S&P index, common in American portfolios, slid into bear market territory Monday, down 21% this year.

Financial experts in South Florida say for both investors and consumers, now is the time to stay on track.

“What’s driving this is the fear the federal reserve has to increase rates and tighten up monetary policy to lower inflation,” said Del Pezzo.

At 8.6%, the rate of inflation is the highest it’s been in 40 years.

With this comes the pain at the pump. Gas prices continue to soar, up 30 cents nationwide in just three weeks.

The national average for the first time ever is above $5 a gallon. That’s not far off from the prices you see in South Florida.

“My feeling when pulling up to the gas station is anxiety, stress,” said Bridget Lovell.

And in Miami, as the cost of just about everything continues to climb.

A recent Realtor.com report found the Miami metro area tops the country for rent increases, a staggering 58% between March of 2020 and 2022. Landlords are raising prices not just by hundreds, but by thousands.

Miami-Dade’s Mayor signed a tenant’s Bill of Rights offering more legal protections, but she says rent caps can only be implemented at the state level and there’s no sign of that on the table.