Colorado's 5.3% inflation rate outpaces national average of 3.7%
Colorado's inflation rate is slowing but still significantly outpaces the national rate, according to data from the U.S. Bureau of Labor Statistics.
The state saw prices increase 0.43% in August and September, down from the 0.65% increase in June and July. The state’s 12-month inflation rate increased from 5.15% to 5.3% during August and September, much higher than the 12-month national inflation average of 3.7%.
“Colorado and Denver inflation continue to outpace national inflation, costing Colorado families thousands more each month than pre-pandemic spending,” an analysis of the data by the Common Sense Institute said. “In the last year, energy prices in particular have risen dramatically in Colorado while dropping nationally.”
A 2.2% increase in gasoline prices drove energy prices up 1.6% for the two-month period ending in September in the Denver-Aurora-Lakewood area, according to the BLS.
“From September 2022 to September 2023, household fuels and utility prices grew by 11% in the Denver (metropolitan statistical area), yet nationally, fuels and utility prices dropped 1.52% over this same time period,” the CSI analysis stated.