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 . 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.
