Jul 18, 2022 - News

Inflation in Seattle area tops 10% year over year

Year-over-year change in Consumer Price Index for Seattle-Tacoma-Bellevue metro area
Data: FRED, Bureau of Labor Statistics; Chart: Simran Parwani/Axios

Inflation is escalating fast in Seattle's metro area.

By the numbers: As of the end of June, prices for consumer goods in the Seattle-Bellevue-Tacoma metro area rose by 3.2% over the previous two months, per the latest Consumer Price Index figures.

  • Inflation in the Puget Sound region has spiked by a whopping 10.1% over the past year, per the CPI, which gauges the average change in prices for consumer goods over time.

Why it matters: Already sky-high heading into this year, Seattle's cost of living is soaring amid expanding costs to consumers.

  • The city's year-over-year CPI increase of 7.6% at the end of 2021 was among the worst in the nation, trailing only Atlanta's 9.8% spike among mid- and big-sized cities.

State of play: Gasoline (+48.4%), food (+10.3%) and shelter (+8.6%) have experienced the biggest price hikes among consumer goods in Seattle over the past year.

  • One of the few bright spots: the price of apparel has dropped by 2.1% from a year ago.
Change in price of select goods in the Seattle metro area
Data: Bureau of Labor Statistics; Chart: Axios Visuals

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