Wednesday, Oct. 19, 2022
Are rising housing costs a key driver of inflation in Arizona?
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
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Fact briefs are bite-sized, well-sourced explanations that offer clear "yes" or "no" answers to questions, confusions, and unsupported claims circulating online. They rely on publicly available data and documents, often from the original source. Fact briefs are written and published by Gigafact contributor publications.
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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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