Consumer inflation in the Denver-Aurora-Lakewood area slowed to an 8.3% annual rate in May, down from a 9.1% annual rate in March, marking the first time the headline inflation number has fallen in Colorado since November 2020.
“For the first time we turned a corner and the inflation rate went down, which is a pretty big deal,” said Stephan Weiler, a professor of economics at Colorado State University.
Digging into the latest numbers, Weiler said the gap is coming from energy costs. Gasoline prices in the Denver area rose 33.7% year-over-year in May compared to an increase of 48.7% nationally. Food prices remain a sore point, rising 10.6% for food consumed at home, compared to a 10.2% annual gain in March. The leading contributor to grocery store inflation is the category of meat, poultry, fish and eggs, which rose 17.2% in May versus 14.5% in March. Beverage costs, not including alcohol, were up 11.8% in Denver in May, with more than half of those gains coming since March.
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