By Brent Ruffner | Your Valley
Phoenix inflation exploding is primarily because of rising housing costs around the Valley, according to an economist from Wells Fargo.
According to February numbers from U.S. Bureau of Labor Statistics, prices in the Phoenix area were up 10.9% from a year ago and have hit a 40-year high as everything from home prices to gas costs spiked dramatically. The consumer price index report noted “the February increase was influenced by higher prices” for shelter.
That rate of Valley inflation is significantly higher than the U.S. overall. On April 12, The U.S. Labor Department reported its consumer price index jumped 8.5% in March from 12 months earlier, the sharpest year-over-year increase since 1981.
