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Inflation in the Detroit Metro Area Rose 3.4 Percent Since June 2023

In June, over-the-year prices in the Detroit metro area rose by 3.4 percent. This was slightly more than the United States which had a 3.0 percent increase since June 2023. Price inflation in Detroit has moderated slightly in the first half of 2024, showing only a 3.4 percent increase over the past six months. This is the smallest six-month price increase since the first half of 2021 (+3.1 percent).

The price for food in the Detroit region has gone up by 1.2 percent since last year compared to 2.2 percent nationwide. Conversely, energy prices have increased in Detroit (+1.9 percent) more than the U.S. (+1.0 percent) over the year.

Two other key inflation metrics where the Detroit region remains higher than the U.S. are housing and tuition. Over the year, housing prices increased by 6.2 percent in Detroit but only 4.4 percent nationwide. Tuition costs rose locally by 5.9 percent since June 2023 compared to only 2.9 percent in the U.S.

Over the month, seasonally adjusted U.S. prices fell in June, something that hasn’t occurred since the beginning of the pandemic. This was helped by falling gas prices (-3.8 percent) and a drop in used car prices (-1.5 percent). The Detroit metro area price data is only available every other month and is not seasonally adjusted. The unadjusted two-month price change in Detroit was a rise of 1.0 percent compared to the U.S. increase of 0.2 percent.

Food prices in Detroit have risen less than the U.S. since June 2023.

(Not seasonally adjusted)

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

Inflation is slightly higher over the year in the Detroit metro region than nationally.

(Not seasonally adjusted)

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

 

For more information on the June 2024 Detroit-Warren-Dearborn area Consumer Price Index, visit the BLS new release here.

 

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