Denver-area inflation fueled by gas, food prices

Denver-area inflation fueled by gas, food prices

DENVER (KDVR) — A new report from the U.S. Bureau of Labor Statistics shows the rate of inflation in metro Denver in April and May tracked with what we’re seeing nationally, as prices of goods rose to 8.3% more expensive this year compared to last.

The prices are already higher for food and fuel, according to the latest Consumer Price Index report. Overall, prices in the Denver-Aurora-Lakewood area saw an increase of 1.3% over the past two months, with the food index rising 2.8% and the energy index rising 1.7%.

US inflation at 8.6%, highest in 40 years

When you look at the year-over-year costs for the Denver metro area, food prices rose 9.8% and energy prices skyrocketed by 24.7%, mainly fueled by the rising price of gasoline.

Putting food and fuel aside, prices rose 1.1% in the Denver metro area over the last two months. Prices for household furnishings went up 2.3%, medical care rose 1.4% and prices for shelter went up 1.1% in that time period. The price of apparel went down 3%, which helped keep up in a place the overall cost increase over April and May.

Year-over-year data shows prices for what’s called owners’ equivalent rent, or the money a character owner would have to pay in rent to be equivalent to their cost of ownership, rose 7.4% in the metro. The price of medical care rose 10.3% and used cars and trucks rose 18.9%.

You can see more statistics on how prices are rising in the Denver metro at the U.S. Bureau of Labor Statistics.

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