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, post-pandemic inflation 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 US 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. Is it done better in Colorado?
A recent study from WalletHub analyzed how inflation rates differ in 23 of the nation’s major metro areas.
The nationwide year-over-year inflation rate stood at 3.3% as of May, according to the survey, which, despite the recent cooling, is still above the 2% target. Meanwhile, some metro areas are seeing a year-over-year inflation rate of 5% and above.
How high are inflation rates near Denver?
According to WalletHub, prices rose at a rate of 0.6% locally from March to May.
Last year’s performance is a different story. The year-over-year inflation rate in Denver, according to WalletHub, is at 2.6% as of May.
How does metro Denver inflation compare?
While the inflation rate is enough for Denverites and their wallets to feel the impact, it’s not as bad as it is in many other metro areas across the country.
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 in recent months .
As for last year, the Denver metro area’s 2.6% inflation rate tied that of Phoenix-Mesa-Scottsdale, Arizona and Minneapolis-St. Paul-Bloomington, Minnesota/Wisconsin metro areas for second lowest rate. The only lower year-over-year rate in the study was 1.8% in Tampa-St. Petersburg-Clearwater, Florida metro area.
According to the study, inflation rates over the past year around Denver were half the inflation rates near Honolulu and just over half the inflation rates in Dallas-Fort Worth-Arlington, Texas.
Cities with the highest inflation from year to year:
- Honolulu Urban: 5.2%
- Dallas-Fort Worth-Arlington, Texas: 5%
- Miami-Fort Lauderdale-West Palm Beach, Florida: 4.5%
- Seattle-Tacoma-Bellevue, Washington: 4.4%
- Philadelphia-Camden-Wilmington, Pennsylvania: 4.1%
Cities with the lowest inflation from year to year:
- Tampa-St. Petersburg-Clearwater: 1.8%
- Minneapolis-St. Paul-Bloomington: 2.6%
- Denver-Aurora-Lakewood: 2.6%
- Phoenix-Mesa-Scottsdale: 2.6%
- Houston-The Woodlands-Sugar Land: 2.9%
Cities with the highest inflation rate since March:
- Detroit-Warren-Dearborn, Michigan: 2.8%
- Anchorage: 3.2%
- Phoenix-Mesa-Scottsdale, Arizona: 1.9%
- San Francisco-Oakland-Hayward, California: 1.8%
- Seattle-Tacoma-Bellevue, Washington: 1.2%
Cities with the lowest inflation rate since March:
- Tampa-St. Petersburg-Clearwater, Florida: negative 0.1%
- Atlanta-Sandy Springs-Roswell, Georgia: 0.3%
- Minneapolis-St. Paul-Bloomington, Minnesota: 0.3%
- San Diego-Carlsbad, California: 0.5%
- Boston-Cambridge-Newton, Massachusetts: 0.6%
- Riverside-San Bernardino-Ontario, California: 0.6%
- Denver-Aurora-Lakewood: 0.6%
The Denver metro area was ranked 21st overall on WalletHub’s list of the 23 major US metro areas with the biggest inflation problems. Denver ranked 17th for inflation since March, and 20th for inflation over the past year.
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