Phoenix inflation is now among lowest in the nation

Article originally posted on AZ Big Media on June 13, 2024

Consumer prices increased 0.3% in April on a seasonally adjusted basis. Shelter and gasoline combined contributed most of the monthly change in the Consumer Price Index for All Urban Consumers (CPI-U) based on the U.S. Bureau of Labor Statistics May 15 release. The energy index increased 1.1% over the month while the food index was unchanged. The index for all items less food and energy ticked down to 0.3% in April after posting a 0.4% increase in the previous three months. The annual inflation rate for April was 3.4%. The energy index was up 2.6% for the 12 months ending April while the food index increased 2.2%. The all items less food and energy index continued to be higher at 3.6% over the year, with notable increases including shelter at 5.5% and motor vehicle insurance at 22.6%. (That might explain why your car insurance seems higher!) Phoenix inflation, which has led the nation for much of the last two years, is now the lowest among all metropolitan areas. The April 12-month change for Phoenix was 2.6%, nearly a full percentage point lower than the nation. Phoenix overall inflation has consistently been lower than the national rate since October.   –Valorie Rice