FOX 31: Denver-area inflation fueled by gas, food prices

Posted: Jun 10, 2022 / 11:26 AM MDT

Updated: Jun 10, 2022 / 02:47 PM MDT

DENVER (KDVR) — A new report from the U.S. Bureau of Labor Statistics shows the rate of inflation in metro Denver in April and May tracked with what we’re seeing nationally, as prices of goods rose to 8.3% more expensive this year compared to last.

The prices are even higher for food and fuel, according to the latest Consumer Price Index report. Overall, prices in the Denver-Aurora-Lakewood area saw an increase of 1.3% over the past two months, with the food index rising 2.8% and the energy index rising 1.7%.

US inflation at 8.6%, highest in 40 years

“Anything more than 5% is very high inflation,” said Metropolitan State University of Denver professor of economics Kishore Kulkarni. “Lagging behind the national number doesn’t mean much.”

When you look at the year-over-year costs for the Denver metro area, food prices rose 9.8% and energy prices skyrocketed by 24.7%, mainly fueled by the rising price of gasoline.