In Arizona, the biggest increases came in the price of gas, which was up 41% from October 2021 to October 2022. Experts say the biggest driver of the inflation index was the cost of housing across the Grand Canyon State.
The consumer price index for Phoenix-Mesa-Scottsdale in October, the most recent month for which data is available from the Bureau of Labor Statistics, was 12.1% higher than it was in October 2021. The next-highest metro areas were Atlanta, which posted a 10.7% increase for the year, followed by Tampa-St. Petersburg at 10.5% and Miami at 10.1%.
“The index is a composite. One of the larger elements of that composite is related to shelter,” said Stapp, who is also the director of the Center for Real Estate Theory and Practice at the Carey School. “It can make up 30-40%, so a significant part of the estimate of what inflation is in Arizona is that shelter component.”
There are several reasons for the rise, they both say. The steady increase in the number of people moving to Arizona jumped with COVID-19, creating more demand for what was already a short supply of housing for renters and homeowners. It created what Hammond described as a “recipe for really rapidly rising house prices and rents.”
Dennis Hoffman, an economics professor at the Carey School, said transportation costs play a large role in inflation for a sprawling area like Phoenix. Another increase that hit home for consumers was the price of food, which was up by 12.6% over the year, led by a 16.4% increase in dairy products, according to the BLS.
The latest surge in inflation capped three years of steady increases, according to the BLS. It said inflation in Phoenix rose by 0.7% from October 2019 to October 2020 and then rose 7.1% from 2020 to 2021 before spiking over the past year.
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