Consumer inflation tops 9% in March, metro Denver’s highest rate since 1982 – What We Know!

Client inflation has crossed 9% in metro Denver in March, the most important annual soar in costs the area has skilled in 40 years, in line with an replace Tuesday from the U.S. Bureau of Labor Statistics.

The Client Value Index for All City Shoppers for the Denver-Aurora-Lakewood space rose 2% between January and March, pushing the annual client inflation price to 9.1%, up from January’s 7.9% annual price and forward of the U.S. price of 8.5%. A yr in the past, native inflation was working a tamer 1.6% within the area,

In February and March, Denver’s meals index elevated 0.8%, whereas the power index superior 15%, famous BLS Regional Commissioner Michael Hirniak in a launch. For the yr, meals inflation is working at 9.1%, matching the general price, and power prices are up 28.1%.

The price of consuming out is up by 10.2% over the previous yr, whereas grocery retailer costs are up 8.2%, together with a 14.5% acquire in the price of meat and poultry and a 7.3% acquire in cereals and baked items. Rising prices are squeezing shoppers and producing pushback in opposition to retailers, mentioned Matt Pavich, senior director of retail innovation at Revionics, in an electronic mail.

Inflation has been on the march since spring of final yr as demand outstripped provide in a recovering financial system. Russia’s invasion of Ukraine in late February despatched oil costs spiking above $100 a barrel and has additionally resulted in greater costs for wheat, corn, barley, and different meals commodities grown in that area, in addition to fertilizers.

Learn the complete story from our companions at The Denver Put up.

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