DENVER (KDVR) — It’s not just in your head. Recently, things have become more expensive in Denver.
In 2022, the U.S. inflation rate hit a 40-year high. Since last year, the rate has slowed down, but prices in Denver are still high.
Cities with the biggest inflation problems
- Miami-Fort Lauderdale-West Palm Beach, Florida
- Denver-Aurora-Lakewood, Colorado
- Atlanta-Sandy Springs-Roswell, Georgia
- Seattle-Tacoma-Bellevue, Washington
- Detroit-Warren-Dearborn, Michigan
- New York-Newark-Jersey City, NY-NJ-PA
- Anchorage, Alaska
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Houston-The Woodlands-Sugar Land, Texas
- Riverside-San Bernardino-Ontario, California
Denver’s prices rose quickly within the past few months. In July, Denver ranked 7th for cities with the highest inflation. Denver had the highest inflation change from the last month versus two months before.
Within the last few months, the Consumer Price Index in Denver rose 1.30%, which bumped the Mile High City up to 2nd place, right behind Florida.
Since last year, Denver’s hit 5th in the highest inflation increase. The Consumer Price Index rose 4.70%.
Inflation in Denver is noticeable with purchases like groceries.
This time last year, a half-gallon of milk cost around $1.97 in Denver. In 2023, that price rose to around $4.75. For a dozen eggs, the price went from $2.01 in 2022 to an average of $5.11 in 2023.
While factors like the war in Ukraine and labor shortages have raised prices in the U.S., inflation has dropped in the past year. Some of it is due to factors like the Federal Reserve rate hikes, said WalletHub.
WalletHub expects the government to possibly continue its interest rate hikes to rein inflation further.