September 30, 2022

Inflation up in Arizona because of housing prices

While gas and food prices are also up, they're not why Arizona has one of the highest rates in the nation.

360 new housing tucson A housing subdivision under construction in Tucson off Silverbell Road. December 2020.
Robert Lindberg/AZPM Staff

Arizona’s inflation rate is outpacing the country on the whole, but University of Arizona economist George Hammond said gas and food prices are not to blame.

"Inflation is running rapidly in the US, it’s particularly fast here in Arizona and what’s driving that is what’s going on with house prices and the housing market," he said.

Shelter inflation, which includes rent, is up 19% in the Phoenix area compared to 6.2% nationally. The Bureau of Labor Statistics does not release numbers specific to Tucson.

Hammond also said that although personal income has increased significantly in the area, it is not keeping up with inflation.

MORE: Economy, Housing, News
By posting comments, you agree to our
AZPM encourages comments, but comments that contain profanity, unrelated information, threats, libel, defamatory statements, obscenities, pornography or that violate the law are not allowed. Comments that promote commercial products or services are not allowed. Comments in violation of this policy will be removed. Continued posting of comments that violate this policy will result in the commenter being banned from the site.

By submitting your comments, you hereby give AZPM the right to post your comments and potentially use them in any other form of media operated by this institution.
AZPM is a service of the University of Arizona and our broadcast stations are licensed to the Arizona Board of Regents who hold the trademarks for Arizona Public Media and AZPM. We respectfully acknowledge the University of Arizona is on the land and territories of Indigenous peoples.
The University of Arizona