(The Center Square) – The inflation rate in the Denver metro area is 3.5% over the last year, data released Tuesday by the U.S. Bureau of Labor Statistics shows.
Denver’s rate is lower than the 4.5% rate for the area over the previously reported period, but above the 3.1% national average from January 2023 to January 2024.
Since November, prices in the metro area have gone down 0.1%, according to the Consumer Price Index.
“The decrease was spurred by declines in energy and transportation costs,” said an analysis by the Common Sense Institute, a free-enterprise research group. “After experiencing deflation for the first time in over a year from September to November of 2023, Denver’s MSA has now experienced consecutive bi-monthly periods of deflation.”
Since 2020, the total price growth in Denver ranks ninth out of 23 metro areas the CPI tracks, CSI noted.
Nationally, prices were up 0.3% in January, mostly due to housing increases.
“The index for shelter continued to rise in January, increasing 0.6 percent and contributing over two thirds of the monthly all items increase,” BLS said in a statement. “The food index increased 0.4 percent in January, as the food at home index increased 0.4 percent and the food away from home index rose 0.5 percent over the month.”
Energy prices were down 0.9% for the month, “due in large part to the decline in the gasoline index.”
CSI said the average household in Colorado spent an average of $1,194 a month in December and January because of increased prices.
