October 07, 2024
Between August 2023 and August 2024, the price index for all items in the Detroit metropolitan statistical area (MSA) rose by 3.5 percent. This was 1.0 percentage points above the price increase seen nationally over the same period. Despite modest price increases, this was the smallest over-the-year percent change for August in both the Detroit MSA and the U.S. since August 2020, with changes of 1.8 percent and 1.3 percent, respectively.
Over the year, several key inflation metrics showed higher than average price changes in the Detroit MSA compared to the nation. Since August 2023, education and communication costs in the Detroit MSA were 2.0 percentage points above tuition costs nationwide (+1.0 percent). Additionally, the local housing index in the Detroit metro area rose by a staggering 6.2 percent over the year, compared to a 4.4 percent increase nationally. However, in the past year, U.S. prices in two inflation categories, food and beverages (+2.0 percent) and recreation (+1.6 percent), outpaced local prices, which saw increases of 0.6 percent and 0.7 percent, respectively.
Although prices across all major inflation metrics increased over the year, major key items within larger consumer expenditure groups have declined since August 2023. Over the last 12 months, prices for used cars and trucks in the Detroit MSA fell by 9.4 percent, while gasoline dropped 6.1 percent. Similarly, national prices saw a decline in used cars and trucks by 10.4 percent and gasoline by 10.3 percent during the same period.
12-Month Percent Change, Consumer Price Index, August 2023–2024
Source: Consumer Price Index, U.S. Bureau of Labor Statistics
For more information on the August 2024 Detroit-Warren-Dearborn area Consumer Price Index, view the BLS release.
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