Jun 10, 2024 - News

Where the San Francisco Bay Area feels inflation the most

Line chart showing the change in the Consumer Price Index in the San Francisco metro area. In April 2024, the year-over-year change was +15.4% and the cumulative change since February 2021 was +3.8%.
Data: Bureau of Labor Statistics; Chart: Axios Visuals

The Bay Area's inflation rate rose in April to the highest it's been since a year ago.

Why it matters: The uptick was influenced by higher prices for shelter and gasoline, Bureau of Labor Statistics regional commissioner Chris Rosenlund said in a news release.

By the numbers: Prices in the Bay Area were 3.8% higher in April compared with the same month in 2023, a recent Consumer Price Index report shows.

  • Electricity prices were up 24%, in part due to two PG&E rate hikes since January.
  • Gasoline prices increased by about 12% and apparel by 13%, though prices for fruit and vegetables decreased by 0.3%.
  • Inflation in the Bay has jumped by about 15% since February 2021.

The big picture: Inflation across the nation took a slight downward turn last month, indicating potential for a return to a gradual cooldown, according to the Federal Reserve.

What to watch: California has approved a new electricity billing structure that will introduce a monthly fee for fixed infrastructure costs while requiring investor-owned utilities to reduce usage rates.

  • It's not expected to take effect until 2026 but has already raised concerns among local customers and some economists.
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