The Labor Department reported that inflation tumbled to 3% in June, but some parts of the country are seeing high prices dissipate faster than others.
A woman shops for groceries at a supermarket in Monterey Park, California, on Oct. 19, 2022.
In 2022, the cost of shelter rose by about 5.9% nationally, but was nearly five percentage points higher in the Mountain region, according to a"Shelter inflation – the growth in prices for renting and buying housing – has outstripped the national average across Rocky Mountain states, even more so than was typical over the past decade," the report said, adding: "Colorado, New Mexico and Wyoming all experienced outsized increases in the cost of housing.
On top of that, the low population density, combined with large distances from food production hubs and transportation infrastructure across the region, made food distribution and shipping costs even more expensive for the region. "As food production and distribution challenges emerged everywhere last year, they led to even faster cost and price growth in the Rocky Mountain region," the report said.
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