DENVER (KDVR) — Inflation makes Coloradans pay just under a thousand dollars a month more now for the same life as in 2020.
The U.S. Bureau of Labor Statistics released new inflation figures last week, and while annual inflation is slowing its recovery pace is lackluster.
Prices were 6.4% higher last January than a year before. While this is better than the records set last summer, it’s still a higher rate than expected.
The Denver-Aurora-Lakewood metro area hasn’t outpaced national inflation typically, but in January it ranked 4th among the nation’s 23 tracked metro areas for annual inflation, according to an analysis from the Common Sense Institute.
This costs Coloradans a hefty chunk of change each month. The average Denver area household spent $921 per month more than in 2020 during the months of December and January.
In total, this boils down to $5,368 more spent on transportation, $3,183 more spent on housing and $1,473 more spent on food. The average Denver area household has had to pay out $12,779 more in costs since inflation set in.
A household’s largest expenses are what have risen the most in the last year.
Since last January, fuels and utilities, housing and food costs have risen more than other spending categories. Fuels and utilities are up 11%, housing is up 9.4% and food is up 9.3%.