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Data: Bureau of Labor Statistics; Chart: Alayna Alvarez/Axios

Consumer prices in the Denver metro area rose 0.4% between May and July, the Bureau of Labor Statistics reported Tuesday.

Why it matters: Inflation is ticking higher again in Colorado as the effects of President Trump's tariffs ripple across the economy.

By the numbers: The Consumer Price Index in the Denver-Aurora-Lakewood area rose 2.1% from July 2024 to July 2025, BLS data shows. 

Core CPI — the measure watched most closely by policymakers, which excludes food and energy prices — jumped 2.7%. 

Food prices rose 2%, while energy prices declined 7.7% over the year.

Stunning stat: The average Colorado household has spent about $51,000 more since 2020 because of inflation, the conservative-leaning Common Sense Institute estimates.

State of play: Inflation has cooled dramatically from its 2022 peaks — when Denver's CPI hit 8.2% — but it's been climbing again since bottoming out last fall.

Zoom out: Nationwide, core CPI rose 3.1% in the 12 months through July — up from the prior month's 2.9% increase — while overall CPI rose 2.7%, holding steady from June.

The big picture: The data comes at a critical time for the U.S. economy.

Many economists anticipate the Federal Reserve will cut interest rates in September.

Trump has been pressuring the Fed to slash rates, but the central bank has fretted about the potential inflationary effects from White House tariff policy.

Go deeper: Key Consumer Price Index gauge rises as Trump trade war weighs

Key Consumer Price Index gauge rises as Trump trade war weighs

Metro Denver inflation shows signs of reacceleration

Consumer prices are rising in the Denver-Aurora-Lakewood area, new federal data shows.

Consumer prices in the Denver metro area rose 0.4% between May and July, the Bureau of Labor Statistics reported Tuesday.Why it matters: Inflation is ticking higher again in Colorado as the effects of <a class="gtmContentClick" data-vars-link-text="President Trump&#x27;s tariffs" data-vars-click-url="https://www.axios.com/2025/08/11/trump-tariffs-trade-war-china-russia" data-vars-content-id="593c7a99-d87d-48af-b249-fc07d4ee9d1d" data-vars-headline="Metro Denver inflation shows signs of reacceleration" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/08/11/trump-tariffs-trade-war-china-russia" target="_self">President Trump&#x27;s tariffs</a> ripple across the economy.

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Business

U.S. economy adds stronger-than-expected 178,000 jobs in March

National

A column chart that shows monthly changes in U.S. nonfarm payrolls from June 2025 to March 2026. Payrolls ranged from minus 140,000 in October 2025 to 178,000 in March 2026. The series alternates between gains and losses, with stronger gains in early 2026.

Change in U.S. nonfarm payrolls

Data: Bureau of Labor Statistics; Chart: Courtenay Brown/Axios

Health Care Policy

Trump administration announces new tariffs on drugmakers

It's Trump's trade world now

A line chart that tracks the average effective tariff rate daily from Jan. 1, 2025, to April 2, 2026. The rate rises from 2.3% to a peak of 21% on April 11, 2025, then eases to 11% by Feb. 20, 2026 after the Supreme Court strikes down tariffs implemented under the International Emergency Economic Powers Act, where it remains through April 2, 2026.

Average effective tariff rate

Data: Yale Budget Lab; Chart: Erin Davis/Axios Visuals

The American consumer stands firm

A column chart that shows monthly U.S. retail sales changes from February 2025 to February 2026. Sales rose as much as 1.4% in March 2025 and fell as much as 0.9% in May 2025. After midyear gains, changes were modest, ending with an 0.6% increase in February 2026.

Change in U.S. retail sales

Data: Census Bureau; Chart: Neil Irwin/Axios

Powell: Fed yet to decide on whether to "look through" war's impact

Powell: Fed yet to weigh war's impact on inflation

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Featured stories

U.S. economy adds stronger-than-expected 178,000 jobs in March

Trump administration announces new tariffs on drugmakers

It's Trump's trade world now

The American consumer stands firm

Powell: Fed yet to decide on whether to "look through" war's impact