Food and beverage costs overall are up 9.1% over the past year in metro Denver, with the biggest increase coming in nonalcoholic beverages, which are up 16.7% over the past year, while the cost of alcoholic beverages was up 7.5%.
Metro Denver’s consumer inflation rate fell slightly, from a 6.9% annual pace in November to a 6.4% pace in January, as stubbornly persistent increases in food and housing costs keep it from falling more, according to the latestThe BLS measures inflation every two months in the Denver-Aurora-Lakewood area and prices rose 0.9% between November and January, up from a 0.47% increase between September and November. Metro Denver’s annual inflation rate in January matched that of the U.S.
“Today’s inflation report suggests the Fed will continue hiking interest rates in the near term with expectations of two 25 basis point increases in March and May, while another 25 basis point hike in June looking more likely given today’s hot inflation report and the better-than-expected payroll report for January,” predicted Scott Anderson, chief economist at Bank of the West, in a research note.
Costs for food eaten at home are up 11.5%, while the cost of dining out was up 6.4%. Cereals and bakery products were up 14%, while meat and other proteins, including eggs, were up 7.7% and dairy was up 8.7%. Fruits and vegetables, which had held the line on increases better than other categories last year, shot up 12.9%.
Housing costs, which carry more than 40% of the weight in the basket of goods used in the CPI, have risen 9.4% over the past year in metro Denver. Rents are up 12.7% while an equivalent for homeowners is up 9.2%. Utilities, both electricity and natural gas, are up 13.4%.
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