(The Center Square) - Prices in Colorado's largest metro area are up 6.4% so far this year, according to an analysis of Consumer Price Index data.
That's slightly lower than the 6.8% average price increase on all items nationally, according to the Common Sense Institute's (CSI) analysis, which said that a "resurgence of growth" between September and November suggests that inflation could persist longer than expected.
"High inflation levels erode savings and increase the costs of daily commutes, groceries, and other consumer goods," the analysis by the free enterprise think tank said. "This threatens the financial health of Colorado citizens and the strength and swiftness of the state's ongoing economic recovery."
The Denver metro area has seen the ninth-highest increase in prices among metropolitan areas since August 2020, according to data tracked by the Bureau of Labor Statistics.
The analysis noted that both the cost of energy and transportation have skyrocketed by 33.6% and 20.7%, respectively, on an annualized basis.
The cost of food in the city has also increased by 5.8%, which is greater than every yearly increase since 1990, according to CSI.
Other necessities such as commodities, durables, housing, and medical care are also more expensive now than they were a year ago. Both commodities and durables have seen prices increase by more than 11%, while the prices of housing and medical care are both inflated by more than 5%, the analysis said.
Since the beginning of the pandemic, lawmakers have approved more than $4.5 trillion in combined federal relief packages. According to data from the Treasury Department, the government has made approximately $3.5 trillion of the payments to date.