The latest inflation report for Denver is less than encouraging for starry-eyed lovers preparing to celebrate Valentine’s Day on Saturday — unless they plan to spend the day driving around and then come home to a low-carb, vegetarian dinner.
Consumer prices in the Denver-Aurora-Lakewood region are up 2.6% on the year in January, which is a significant acceleration from the 2.2% annual pace measured in November, according to an update Friday from the U.S. Bureau of Labor Statistics. Denver’s inflation rate in January edged ahead of the U.S. inflation rate, which increased 2.4%.
Romantics need to take note of two items that are facing outsized increases. The cost of dining out is up 5% year-over-year in January, and alcoholic beverages are up 6.6%. For those looking to buy a comfy love seat, furniture prices are up 8.8% on average, due in part to additional tariffs on Chinese goods and higher shipping costs.
Food eaten at home, also known as groceries, is up a scant 0.2%, aided by a 3.7% decline in fruit and vegetable prices and a 0.4% decline in meat, fish and eggs. Cereal and bakery products had the biggest increase in the food at home group at 5.8%.
Housing, the most heavily weighted item in the CPI, was up 3.6%, although rents specifically were up 1.7%. The cost of medical care was up 6.7%. Clothing costs were up 1.3%.
Transportation costs offered consumers relief with a 2.3% decline. New car prices were essentially flat and used car prices were down 2.2%. Gasoline provided the biggest savings compared to last year — prices at the pump are down 18.3% the past year. Military tensions with Iran, however, have pushed fuel prices higher this month.
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