Inflation in the Seattle metro area hit a four-decade high in June as prices for groceries, gas and basic essentials continued to climb, according to the U.S. Bureau of Labor Statistics.
While U.S. consumer prices hit a four-decade high last month at 9.1%, the increase in the Seattle area was even more extreme, statistics released Wednesday showed.
Compared to June 2021, Seattle’s Consumer Price Index, a shorthand measure for the cost of living, grew 10.1%, the largest increase on record since the bureau began collecting June data for Seattle in 1998. The national inflation rate is higher than it has been since 1981.
This continues the trend of accelerated price increases since December 2021 that is also eating into wage gains recorded in the Seattle area. Since April, consumer prices rose 3.2%.
Goods and services prices monitored in the index are everyday items, ranging from groceries to appliances, transportation or housing — often referred to as a market basket of goods and services. The items are weighted in a monthly or annual household budget to measure the inflation rate, or how the increase in prices affects the average person.
While prices for gas, food and beverages increased, prices of less volatile items, like household furnishings, continued to swell as did housing, used cars and trucks and medical care. Only the price of clothing witnessed a minor decline.
Considering the rising cost of daily necessities and the demographics of who is more likely to rent or struggle to purchase a home, a new car or medical insurance, this data offers further evidence that Seattle’s inflation is particularly impacting low and middle-income households and communities of color.