Denver has announced that the state's inflation rate has hit a three-year low.
The news means the Mile-High City's inflation has reached below 3% and well below the United States average. The Denver-Aurora-Lakewood area would see this financial benefit due to the food and gas prices given away.
Denver tops the low inflation charts
The news comes from the US Bureau of Labor Statistics. bi-monthly update. The government agency has been tracking Denver inflation since just over a year ago, Americans were struggling with the high price of things like food and gas.
At this time Denver was facing the worst inflation in the state's recent history at about 5.4% compared to the national average of 3.7%.
The main factors contributing to the state's turnaround are due to food prices and the way gasoline prices have fallen in the state.
The report said that “Over the past 12 months, the CPI-U advanced 2.8 percent. The index for all items less food and energy rose 3.4 percent over the year and food prices rose 2.5 percent. “Energy prices fell 5.4 percent, entirely as a result of lower gasoline prices.”
Gasoline prices also took a positive turn compared to last year, when a major state fuel provider had to go offline. Denver pipeline closure from Suncor Energy would see gas prices rise by 35% and 50% respectively over the course of the year.
Gas prices in Colorado are now $3.07 per gallon of regular gas which is down roughly 10% year over year according to AAA. The BLS report said of energy prices “From March 2023 to March 2024, energy prices fell 5.4 percent, driven entirely by lower gasoline prices (-20.6 percent). Prices paid for natural gas service increased and the index for electricity increased by 4.9 percent during the last year”.
The report focused on the surrounding Denver-Aurora-Lakewood areas, which consist of Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties in Colorado.
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