Aug 11, 2022 - News
Inflation moderates in July, but costs stay elevated in Colorado
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Colorado's inflation rate dipped ever so slightly in July — a small but welcome reprieve.
By the numbers: The 12-month inflation rate fell to 8.2%, down from 8.3% in May, according to numbers published Wednesday by the U.S. Bureau of Labor Statistics.
Yes, but: In Colorado, prices rose 1.7% for the two months ending in July, driven largely by increasing energy costs (up 9%) and food (up 3.2%), regional commissioner Michael Hirniak noted.
What they're saying: Chris Brown, an economist at the conservative-leaning, business-funded Common Sense Institute in Colorado, says costs still outpace earnings.
- In July, he said the average household spent $821 more because of inflation.