By Catie Cheshire | Westword
One study found prices in Denver have spiked significantly in the last two months, outpacing Los Angeles, New York and even Honolulu.
Denver has a highly ranked park system and was recently named one of the coolest cities in the country, but living around the Mile High City isn’t cheap.
According to a new study by WalletHub, the Denver metro has the fifth-worst inflation problem in the United States, with costs rising on a monthly and yearly basis.
WalletHub analyzed inflation impacts in 23 major metropolitan areas for the study, lumping together Denver, Aurora and Lakewood. In metro Denver, the change in Consumer Price Index compared to two months ago is 1 percent and the change over the last year is 2.2 percent, WalletHub research shows.
Denver’s change in CPI over the last two months was the third-highest change captured by the study, pushing the metro to fifth place, in front of Chicago, Honolulu, Los Angeles and New York. On a year-over-year measure, Denver ranks eighth.
What’s Costing More In Denver?
Wallethub’s findings are corroborated by the Common Sense Institute in Colorado. According to the conservative think tank, metro Denver has seen its sharpest price hikes in almost a year over the past month, particularly in housing costs and medical care.
“While national inflation trends remain relatively stable, Colorado families continue to feel above-average financial pressure,” the CSI said when announcing its June inflation report.