Search
Close this search box.
Blog » News » Denver inflation hits below the national rate

Denver inflation hits below the national rate

An oil barrel with "Denver" on it

Denver has announced that the state’s rate of inflation has hit its lowest in three years.

The news means the Mile-High City’s inflation has hit under 3% and well below the United States average. The Denver-Aurora-Lakewood area would see this financial boon due to outsourced food and gasoline prices.

Denver tops the low inflation charts

The news comes from the U.S. Bureau of Labor Statistics’ bi-monthly update.  The government institution has been tracking Denver’s inflation as far back as a little over a year ago Americans were struggling with the hefty price of things like food and gas.

At this time Denver was facing the worst inflation in the state’s recent history at around 5.4% compared to the national average of 3.7%.

The major contributing factors in the state’s turnaround are due to both food prices and how gasoline prices have plummeted in the state.

The report would say that “Over the last 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 the result of a decrease in the price of gasoline.”

Gasoline prices also took a positive turn in comparison to last year when a major provider of the state’s fuel supply would need to go offline. The shutdown of the Denver pipeline from Suncor Energy would see a spike in gas prices to 35% and 50% respectively throughout the year.

The gas prices now in Colorado sit at $3.07 per regular gallon of gas which is down by roughly 10% across the year according to the AAA. The BLS report would say on energy prices “From March 2023 to March 2024, energy prices fell 5.4 percent, entirely due to lower prices for gasoline (-20.6 percent). Prices paid for natural gas service rose, and the index for electricity advanced 4.9 percent during the past year.”

The report focused on the surrounding areas of Denver-Aurora-Lakewood, which are made up of Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park counties in Colorado.

Image: Ideogram.

About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

TAGS
Financial News Writer and Editor
Brian-Damien Morgan, an accomplished journalist and features writer, boasts a rich career that has evolved across various media platforms. With extensive experience in the print sector of several UK newspapers, Brian transitioned seamlessly into the realm of digital broadcasting and specialized financial content creation. Brian now focuses on finance, technology, legal matters, and the wide spectrum of money-related topics.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Categories

Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More