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FACT BRIEF

Are rising housing costs a key driver of inflation in Arizona?

By Ngan Nguyen
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YES

Housing and rental prices are a primary contributor to inflation, both in Arizona and nationally, according to the federal Bureau of Labor Statistics.

BLS’s Consumer Price Index, which measures changes in averages costs for key consumer goods, heavily weights housing costs in its calculations. That means spikes in home prices and rental costs can have a significant impact on inflation rates.

In the most recent CPI report from August 2022, housing and shelter inflation in the Phoenix Metropolitan Area were up 17.1% and 19%, respectively, driving up the state’s overall inflation rate.

This fact brief is responsive to conversations such as this one.
Sources
US Bureau of Labor Statistics Consumer Price Index, Phoenix area — August 2022
US Bureau of Labor Statistics Measuring Price Change in the CPI: Rent and Rental Equivalence : U.S. Bureau of Labor Statistics
ABOUT THE CONTRIBUTOR
Arizona Center for Investigative Reporting
The Arizona Center for Investigative Reporting is the state’s only independent, nonpartisan and collaborative nonprofit newsroom dedicated to statewide, data-driven investigative reporting. AZCIR's mission is to hold powerful people and institutions accountable by exposing injustice and systemic inequities through investigative journalism.
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About fact briefs published on Gigafact
Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.