DENVER (KDVR) — Denver-area inflation is cooling along with the nation’s. However, the most recent figures underscore the massive spikes in rent the area has experienced in the last year.
The U.S. inflation rate is cooling. In November, the Consumer Price Index had risen 7.1% from last year. Annual inflation has been decreasing each month since it peaked in June. The core index, which does not include volatile food and energy prices, peaked in September and has slowed in the last two months.
In the Denver-Aurora-Lakewood metro area, inflation has slowed even further. The area consumer price index rose 6.9% in November since a year ago, slower than the national rate. The core index, however, is above the national rate largely due to rent prices.
The BLS measures Denver-area inflation every other month. The Consumer Price Index for all items has fallen every month since March when it was 9.1%.
The core index, though, rose from July to September when it reached 7.2%.
Rent has been one of the highest-growing pieces, rising one-and-a-half times as much in Denver as the nation at large.
Rent rose 12.9% since last November in the Denver-Aurora-Lakewood area. Nationally, the rent of a primary residence rose by 7.9%.