Inflation is still impacting families in the Phoenix Metropolitan Area, according to a new Common Sense Institute report.
The free-market think tank’s May inflation update analyzed different price increases from 2020, which determined that prices across the board are still significantly higher.
Most notably, the report says that “typical” Arizona families would have saved an estimated $8,428 annually if inflation remained at a more stable 2% annual rate in “the past three years.”
“Inflation as measured by the Consumer Price Index (CPI) for the Phoenix metro area rose 2.6% year-over-year in April, an increase from 2.2% in February,” the report states. “This latest reading represents the 38th consecutive month of inflation above the standard target of 2.0% annually and represents a break from the trend of decreasing year-over-year inflation rates in the state that extended back to July 2022.”
