Staff Reports
A recent report from the Common Sense Institute reveals that families in the Phoenix Metropolitan Area continue to feel the effects of inflation. Analyzing price increases since 2020, the report found that prices have surged significantly. It suggests that if inflation had stayed at a stable 2% annual rate over the past three years, “typical” Arizona families could have saved approximately $8,428 annually.
In April, inflation in the Phoenix metro area increased by 2.6% year-over-year, marking the 38th consecutive month of inflation exceeding the standard 2.0% annual target. The report underscores substantial cost hikes in rent, gas, dining, and groceries for local families. According to CSI estimates, the average rent for a 2-bedroom apartment has jumped by 30% since October 2020, gas prices have risen nearly $24 per tank, dinner for four costs $20 more, and groceries for a family of four have increased by $302 per month.
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(The Center Square) – Inflation is still impacting families in the Phoenix Metropolitan Area, according to a new Common Sense Institute report. The free-market think tank’s May inflation update analyzed different price increases fromhttps://t.co/FXkCtSpbb5
— Conservative News Daily (@ConservNewsDly) May 17, 2024
The report highlights that while “shelter inflation” remains a significant issue, recent data indicates that inflation is becoming more widespread. Despite this broader trend, the Phoenix area is faring comparatively well against other metropolitan areas. According to the federal Bureau of Labor Statistics, the Phoenix metro area had the lowest rate of inflation over the past year among the 23 urban consumer price indices tracked. This represents a notable improvement, as Phoenix was previously ranked among the highest inflation hotspots in month-over-month figures.
Overall, the Common Sense Institute’s report emphasizes the persistent impact of inflation on families in the Phoenix Metropolitan Area, noting significant cost increases in essential areas like rent, gas, dining, and groceries. It also highlights the ongoing challenge posed by inflation rates consistently exceeding the standard target, affecting both families and the local economy.
