Inflation in Colorado – July 2025 Update

Denver Metro Prices Tick Upwards

Between May and July, Denver’s price level rose by 0.43%, below the national average of 0.49%. Denver’s lower-than-average growth was spurred in part by a 3.4% decline in energy prices, and food prices which fell by 0.7%. Over the last 12 months, prices in the Denver metro have increased by 2.1%, below the national average of 2.7%. 

Denver’s overall price growth was fueled by medical care (2.1%), recreation (2.8%), transportation (1%), and services (0.9%). Those who consume medical services in Denver are facing higher prices than those across the nation on average. Over the past year, the price of medical care grew 3.5% on average across the U.S, while the Denver metro region saw prices grow 6.4% over the same period. 

J.P. Morgan now predicts that the U.S Federal Reserve will cut the federal funds rate, currently 4.33%, by 0.25 percentage points at its September meeting, with further cuts expected before the end of the year.

Key Findings:

• After experiencing its largest two-month increase in years over the previous two months, the price level in the Denver metro area rose by just 0.43% over June and July. Nationally, prices grew by 0.49% during that time.
•  After increasing by just 0.8% between May of 2024 and May of 2025, the price of recreation in the Denver metro area rose by 2.77% during June and July of this year.
• Over the last 12 months, prices have increased by 2.06% in the Denver MSA and 2.7% nationally.
• Over the past 12 months, the price of energy in Denver has fallen by 7.7% while medical care costs have increased by 6.3%.
• Food-price growth in the Denver MSA has fallen below the national average. Over the last year, the price of food rose by 1.9% in the Denver metro and 2.9% across the country.
• The average Colorado household has spent $50,911 more since 2020 because of inflation.

Inflation in metro Denver over the last 12 months was 2.06%, while the national average was 2.7% (BLS CPI Survey).

• Of the 23 urban consumer price indices tracked by the BLS, Denver–Aurora–Lakewood ranks 13th in total growth since the end of 2021.
•  Food prices in the Denver MSA grew by 1.9% during the last 12 months, behind the national average of 2.9%.
• The price of medical care grew by the most of any consumer good, rising 6.3% over the last 12 months in Denver.

Figure 2

Price Changes in Metro Denver over the Previous Year