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 as a result of 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 way back to a bit of over a yr ago Americans were battling the hefty price of things like food and gas.
At this time Denver was facing the worst inflation within the state’s recent history at around 5.4% in comparison with the national average of three.7%.
The major contributing aspects within the state’s turnaround are as a result of each food prices and the way gasoline prices have plummeted within 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 yr, and food prices rose 2.5 percent. Energy prices fell 5.4 percent, entirely the results of a decrease in the worth of gasoline.”
Gasoline prices also took a positive turn compared to last yr when a significant provider of the state’s fuel supply would wish to go offline. The shutdown of the Denver pipeline from Suncor Energy would see a spike in gas prices to 35% and 50% respectively all year long.
The gas prices now in Colorado sit at $3.07 per regular gallon of gas which is down by roughly 10% across the yr in accordance with the AAA. The BLS report would say on energy prices “From March 2023 to March 2024, energy prices fell 5.4 percent, entirely as a result of lower prices for gasoline (-20.6 percent). Prices paid for natural gas service rose, and the index for electricity advanced 4.9 percent throughout the past yr.”
The report focused on the encircling areas of Denver-Aurora-Lakewood, that are made up of Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park counties in Colorado.
Image: Ideogram.
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