How bad is inflation in Denver?
Four years after the pandemic brought on the highest inflation rates since the 1980’s, consumers are still feeling the effects in everyday budgeting. Has it gotten any better in Colorado? Since the 1980s, inflation in the United States has risen to its highest rate since the peak of the pandemic, with more expensive groceries, transportation, housing, and more. However, four years later, consumers are still feeling the effects of inflation in everyday budgeting. A study by WalletHub compared inflation rates across 23 major metro areas, with the nationwide year-over-year inflation rate at 3.3% as of May, which is still above the target rate of 2%. Some metro areas are seeing a yearly inflation rate of 5% and higher. The Denver-Lakewood-Aurora metro area ranked fifth and 17th on the list of 23 major U.S. metro areas with the highest inflation rates since March.
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DENVER (KDVR) — Since the pandemic, the entire country has experienced an inflated cost of living with more expensive groceries, transportation, housing and more.
According to the Pew Research Center, inflation after the pandemic rose to its highest rate since the 1980s. Inflation has cooled since its post-pandemic peak.
The Associated Press reported that inflation rates across the U.S. cooled in April and May, but it varies by state.
However, four years later, consumers are still feeling the effects of inflation in everyday budgeting. Has it gotten any better in Colorado?
A recent study by WalletHub analyzed how inflation rates differ across 23 of the country’s major metro areas.
The nationwide year-over-year inflation rate sits at 3.3% as of May, according to the study, which, despite the recent cooling, is still above the target rate of 2%. Meanwhile, some metro areas are seeing a year-over-year inflation rate of 5% and higher.
How high are inflation rates near Denver?
According to WalletHub, prices have been inflating at a rate of 0.6% locally from March to May.
The course of last year is a different story. The year-over-year inflation rate in Denver, according to WalletHub, is at 2.6% as of May.
While the inflation rate is enough for Denverites and their wallets to feel the impact, it’s not nearly as bad as it is in many other metro areas across the country.
Out of the 23 cities WalletHub analyzed, the Denver-Lakewood-Aurora metro area tied with the Boston-Cambridge-Newton, Massachusetts and Riverside-San Bernardino-Ontario, California metro areas for the fifth lowest inflation rate over the last few months.
As for last year, the Denver metro area’s 2.6% inflation rate tied with that of the Phoenix-Mesa-Scottsdale, Arizona and Minneapolis-St. Paul-Bloomington, Minnesota/Wisconsin metro areas for the second lowest rate. The only lower year-over-year rate in the study was at 1.8% in the Tampa-St. Petersburg-Clearwater, Florida metro area.
According to the study, inflation rates over the last year around Denver were half that of inflation rates near Honolulu and just over half that of Dallas-Fort Worth-Arlington, Texas.
Cities with the highest inflation rate since March:
Cities with the lowest inflation rate since March:
The Denver metro area ranked 21 overall on WalletHub’s list of 23 major U.S. metro areas with the biggest inflation problems. Denver ranked 17th for inflation since March, and 20th for inflation over the last year.
Onderwerpen: Inflation