Metro Denver inflation rate drops below 2%

DENVER — Metropolitan Denver’s consumer inflation rate fell below 2% in July for the first time since March 2021.

According to The Denver Post, a report issued Wednesday from the U.S. Bureau of Labor Statistics showed that prices for a basket of consumer goods and services in the Denver-Aurora-Lakewood area rose 1.9% between July 2023 and last month. It said gasoline prices were down 12.1% on the year, used car prices were down 9.7% and apparel costs were down 4.5%. Grocery prices were flat, as decreases in cereals, baked goods, vegetables and fruits offset gains in dairy products and meat. However, the cost of restaurant meals rose 5.7% because of higher labor and lease expenses, and shelter costs rose 3% the past year and 1.2% in the past two months.