Inflation in the Detroit Metro Area Advances 2.8 Percent Since February 2023, but is Down from Previous Years

Inflation of 2.8 percent over the year for the Detroit metro area was much lower than the annual price inflation from 2021 to 2023, which ranged from 4.3 percent to 8.2 percent. This price increase was also lower than the overall U.S. inflation rate of 3.2 percent since February 2023.

Detroit’s 3.3 percent rise in prices for all items less food and energy over the year was much lower than the 3.8 percent increase for the U.S. In this category, Michigan had much lower annual inflation than the U.S. for apparel and transportation.

Food prices increased only 2.0 percent in Michigan compared to 2.2 percent nationwide. However, energy price decreases of 0.9 percent over the year in Michigan were less pronounced than the 1.9 percent decline in the U.S. over the same period.

Prices in Detroit have risen less than the U.S. since February 2023.

(Not seasonally adjusted)

Source: Consumer Price Index, U.S. Bureau of Labor Statistics

For more information on the February 2024 Detroit-Warren-Dearborn area Consumer Price Index, view the full release from the U.S. Bureau of Labor Statistics.