This story by Lindsey Toomer appeared on Colorado Newsline on August 11, 2023.
Inflation in the Denver metro area remains one of the highest in the nation, according to the latest consumer price index report, released Thursday, from the U.S. Bureau of Labor Statistics.
While the national inflation rate has slowly improved, certain metropolitan areas highlighted in the July CPI report remain above national averages. Colorado’s biggest metropolitan region, which includes Denver, Aurora and Lakewood, saw a 4.7% increase in its CPI from July 2022 through July 2023.
The only metropolitan areas ahead of Denver for that yearlong window both come from Florida, including the Miami region at 6.9% and the Tampa region at 5.7%. The CPI looks at how prices paid by consumers for goods and services have changed.
The report showed the national CPI rose 0.2% in July, which is in line with expectations, and 3.2% in the past year compared to 3% in June.
Shelter is responsible for 90% of the increase seen nationally this month, according to the report, the highest contributor to the increase.
Food prices increased 0.2% from June to July and 4.9% from July 2022. However, egg prices are falling. Milk prices have also continued to decline. Frozen fish and other seafood prices also fell in July, after increasing slightly in June.