Inflation in Colorado – November 2024 Update

Experts:

December 11, 2024

Prices Increase Slightly Over Last Two Months

After seeing a slight decrease in prices between July and September, inflation in metro Denver grew by a modest 0.24% between September and November of this year. However, prices on average across the nation increased by just 0.06% between September and November.

Price growth in Denver has not exceeded national growth over the full year. Between January and November of this year, prices increased by 2.29% on average across the U.S, while inflation grew by 2.13% in the Denver metro. Although year-to-date inflation in Colorado was outpaced by national inflation, Colorado families spent an average of $1,348 per month more in October and November of this year than they would on average in 2020.

In the months of October and November the prices of energy (-8.86%), education & communication (-1.49%), and recreation (-1.29%) decreased, while medical care (1.23%), food (0.86%), and housing (0.25%) increased. Of the 23 metropolitan area CPI series tracked by BLS, Denver’s total price growth since the end of 2020 ranks 12th highest.

During October and November, prices in Denver increased by 0.24%, while national inflation grew by 0.06%.

Between January and November of this year, prices rose an average of 2.29% across the U.S compared to 2.13% in the Denver area.

Food prices in metro Denver continue to outpace the nation, putting more pressure on consumers. Over the last 12 months food prices increased by 3.6% in Denver’s MSA compared to 2.38% nationally.

In October and November, the average Colorado household spent $1,348 more due to inflation than it spent in the same period in 2020. The average Colorado household has spent $39,560 more since 2020 because of higher inflation.

Energy prices fell by 8.86% in the Denver MSA over the last two months, led by a 13.9% decline in gasoline prices.

Inflation in metro Denver over the last 12 months was 2.03%—0.72 of a percentage point below the national average. (BLS CPI Survey)

Of the 23 urban consumer price indices tracked by the BLS, Denver–Aurora–Lakewood’s ranks 12th in total growth since the end of 2020.
Food prices in the Denver MSA grew by 3.6% over the last 12 months, while national food prices grew by 2.38% over the same time.
The two prices that grew the fastest over the last 12 months were those of transportation and food, which grew by 5.4% and 3.6%, respectively.