Inflation in Detroit Metro Area Rises 3.3 Percent Since October 2023

Over the 12 months ending in October 2024, prices for the Detroit metropolitan statistical area (MSA) increased by 3.3 percent. This was 0.7 percentage points greater than the national price increase during the same period. The index for all items less food and energy rose 3.9 percent over the year in Detroit, while the same index rose by 3.3 percent nationally. 

Inflation indicators for the Detroit MSA generally reflected higher over-the-year price increases compared to the national average. Apparel prices demonstrated the most significant difference, with prices increasing 7.0 percent in Detroit since October 2023, which was 6.7 percentage points greater than the national increase. Similarly, education and communication costs rose 2.8 percent, while recreation prices increased by 3.0 percent, both exceeding the national average by 2.0 percentage points.

Inflation is generally greater over the year in Detroit than the nation.

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

Energy is one of the few categories to experience an overall price decline over the past year. In Detroit, energy prices dipped slightly by 1.1 percent, compared to a sharper 4.9 percent decrease nationally. This drop is largely driven by significant reductions in gasoline prices, which fell 3.9 percent in Detroit over the year. However, this decrease is modest compared to the national average, where gasoline prices dropped by 12.2 percent.

Energy prices in Detroit have declined in recent months.

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

For more information on the October 2024 Detroit-Warren-Dearborn area Consumer Price Index, view the BLS release.