ARIZONA NEWS

Annual inflation remains high in metro Phoenix, but rate slows

Nov 10, 2022, 1:20 PM
(Pexels Photo)...
(Pexels Photo)
(Pexels Photo)

PHOENIX – The annual inflation rate in metro Phoenix slowed last month for the first time in over a year, but the Valley remains a national hot spot for rising prices, according to federal statistics released Thursday.

While consumer prices increased 7.7% nationwide in the past year, the Phoenix area saw a 12.1% surge, according to U.S. Bureau of Labor Statistics data for October. Local inflation was 1.4% from August to October.

Phoenix had the highest annual inflation of the metro regions for which October data was made available. The Atlanta and Miami areas also saw double-digit annual increases.

The BLS releases inflation statistics for the Valley every two months. The previous report, for August, showed a 13% year-over-year rise in local consumer prices. October was the first time since August 2021 when the rate was lower than the previous report.

When the volatile food and energy categories are taken out of the equation, Valley prices increased 11.1% since last October and .9% since August. Used vehicle prices dropped by 5.8% in the last two months.

The national numbers were lower than economists had expected.

Even amid a tentative easing of inflation, the Federal Reserve will likely continue raising interest rates to cool the economy and stem inflation. Yet Thursday’s news raised the possibility that the Fed could at least slow its rate hikes — a prospect that sent U.S. markets soaring.

Lorie Logan, president of the Federal Reserve Bank of Dallas, said Thursday’s figures “were a welcome relief,” but added “there is still a long way to go.”

The Associated Press contributed to this report.

Lifetime Windows & Doors

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

Raymond Rey (Photo via Phoenix Police Department)...
KTAR.com

Silver Alert issued for Phoenix man missing since end of weekend

A Silver Alert was issued early Tuesday for a missing Phoenix man who has cognitive problems, authorities said.
6 hours ago
(KTAR News Photo/Colton Krolak)...
Colton Krolak

D-Backs Winter Classic gives kids clothes, books ahead of holidays

The Diamondbacks on Monday gave back to hundreds of children from elementary schools in the valley as part of the 25th D-Backs Winter Classic.
6 hours ago
(Pedal Haus Brewery Photo)...
Kevin Stone

Pedal Haus Brewery takes over event space operations on Roosevelt Row

Pedal Haus Brewery is expanding its scope by taking over event space operations in downtown Phoenix’s Roosevelt Row district.
6 hours ago
(Photo by Annabelle Chih/Getty Images)...
KTAR.com

Taiwan chipmaker TSMC to build second Arizona facility, increase investment to $40 billion

TSMC announced Tuesday it will build a second facility in the state and increase its investment to $40 billion.
6 hours ago
(Facebook File Photo/Phoenix Police Department)...
KTAR.com

Police investigate Phoenix hit-and-run that left pedestrian dead

Police are investigating a Phoenix hit-and-run after a pedestrian crossing the street was killed on Sunday evening.
1 day ago
Katie Hobbs, the Democratic governor-elect and current secretary of state, signs the official certi...
KTAR.com

Arizona Sec. of State Hobbs requests recount of 3 election races

Arizona Secretary of State Katie Hobbs requested on Monday evening a recount of three general election races.
1 day ago

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Prep the plumbing in your home just in time for the holidays

With the holidays approaching, it's important to know when your home is in need of heating and plumbing updates before more guests start to come around.
(Photo via MLB's Arizona Fall League / Twitter)...
Arizona Fall League

Top prospects to watch at this year’s Arizona Fall League

One of the most exciting elements of the MLB offseason is the Arizona Fall League, which began its 30th season Monday.
...
Day & Night Air Conditioning, Heating and Plumbing

Ways to prevent clogged drains and what to do if you’re too late

While there are a variety of ways to prevent clogged drains, it's equally as important to know what to do when you're already too late.
Annual inflation remains high in metro Phoenix, but rate slows