According to a recent analysis by Common Sense Institute, Phoenix continues to lead the country in measured price increases, joining Atlanta, Tampa, Los Angeles, and Miami as the four cities with double-digit rates of inflation over the past year. Also of concern, inflation here and in these other cities accelerated over the prior readings, even as headline US inflation slowed marginally.
Our key findings in the current data include:
- Inflation in metro Phoenix over the past 12 months was 2.7 points higher than the national average of 8.3%. At 11.0%, price inflation in the Phoenix metropolitan area remains both well above the national average and at the highest levels ever recorded for the city.
- The typical Arizona household has spent a combined $5,955 more on food, housing, transportation, medical care, and other goods and services since the end of 2020. The cost of food, housing, and gasoline accounts for nearly 60% of this.
- If prices in Phoenix and San Francisco continued rising at their respective current rates, the cost of living here would be higher than in San Francisco by 2034.
To read the full study, visit www.commonsenseinstituteaz.org.
