Inflation in Phoenix area slows down

(The Center Square) – Inflation in the Phoenix metropolitan area appears to be calming down, according to new Consumer Price Index data from February.

The CPI saw an uptick of 2.2% year-over-year from last February, and a 0.7% increase between December 2023 and this February. That’s lower than the nationwide year-over-year rate of 3.2%.

However, inflation is coming down from very high levels in the metropolitan area.

The Phoenix metro used to have the highest rate nationwide, with the year-over-year rate hitting 13% in August 2022, according to the Arizona Republic. It continued to remain high throughout the end of 2022, The Center Square reported at the time.

Glenn Farley, Common Sense Institute Arizona’s director of policy and research, said that inflation remains a concern.

- Advertisement -

“Inflation in the greater Phoenix area remains below the national rate – a welcome change from 2022 and early 2023, when we were among the fastest growing regions in the country in terms of prices,” Farley told The Center Square in a statement.

“Still, though, inflation remains hotter than it should be by now, and especially at the national level, is flat since mid-2023,” he added.

The institute’s inflation report determined that costs such as rent, gas, and eating out have seen major increases since December 2020, which they say reduced the purchasing power of a “typical Arizona family” by $11,200 a year than if inflation kept at a stable 2%.

Farley also explained the role the Federal Reserve Board plays when it comes to wrangling the American economy.

“The Federal Reserve Board has maintained that it takes time for monetary policy to work; six months is a long time to wait. It is clearly too soon to entertain lowering interest rates, and that means three rate cuts probably aren’t happening this year as planned,” he stated.

The U.S. Bureau of Labor Statistics uses the CPI to determine inflation by examining the cost of items typically purchased by Americans.

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Op-Ed: Pennsylvania’s energy mandate

(The Center Square) – The inauguration of President Donald...

Kidwell pushes for North Carolina to be 30th with constitutional carry

(The Center Square) – Gun owners could carry weapons...

Shreveport’s Hispanic community expresses fear over immigration crackdown

(The Center Square) − Shreveport’s Hispanic residents are voicing...

Illinois quick hits: Chicago mayor to testify about sanctuary status

Chicago mayor to testify about sanctuary status ...

Petersen files paperwork to run in Arizona attorney general race

(The Center Square) - Arizona Senate President Warren Petersen...

House passes bill blocking future presidential bans on hydraulic fracking

(The Center Square) – A bill preventing future presidents...

Many medical providers end transgender youth procedures after Trump order

Late last month, President Donald Trump signed an executive...

Controversial initiative bill gets mixed testimony

(The Center Square) – A Washington state bill that...

More like this
Related

Op-Ed: Pennsylvania’s energy mandate

(The Center Square) – The inauguration of President Donald...

Kidwell pushes for North Carolina to be 30th with constitutional carry

(The Center Square) – Gun owners could carry weapons...

Shreveport’s Hispanic community expresses fear over immigration crackdown

(The Center Square) − Shreveport’s Hispanic residents are voicing...

Illinois quick hits: Chicago mayor to testify about sanctuary status

Chicago mayor to testify about sanctuary status ...