October brought Arizona’s lowest inflation rate in years with the Phoenix metro area inflation rate being 1.56% year-over-year - a decrease from 2.27% in August - according to the Common Sense Institute.
“This latest reading ends the over 2-year streak of inflation above the standard target of 2.0% annually,” reads the CSI report. “Historically, the Phoenix Metropolitan Statistical Area has experienced significant inflationary pressures, notably in June 2022, when inflation in Phoenix peaked at a record high of 13%, well above the national rate of 9.1%. This trend made Phoenix one of the fastest-inflating areas in the U.S.”
October brought Arizona’s lowest inflation rate in years with the Phoenix metro area inflation rate being 1.56% year-over-year - a decrease from 2.27% in August - according to the Common Sense Institute.
“This latest reading ends the over 2-year streak of inflation above the standard target of 2.0% annually,” reads the CSI report. “Historically, the Phoenix Metropolitan Statistical Area has experienced significant inflationary pressures, notably in June 2022, when inflation in Phoenix peaked at a record high of 13%, well above the national rate of 9.1%. This trend made Phoenix one of the fastest-inflating areas in the U.S.”
Farley said that energy and transportation cost reductions are typically seasonal, falling during the winter months. Consequently, he predicts that the inflation rate will not go lower than it is right now, but it should be somewhat stable if the housing market remains paralyzed.
