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 / Modified sep 30, 2022 2:07 p.m.

Inflation up in Arizona because of housing prices

While gas and food prices are also up, they're not why Arizona has one of the highest rates in the nation.
by Megan Myscofski

360 new housing tucson A housing subdivision under construction in Tucson off Silverbell Road. December 2020.
Robert Lindberg/AZPM Staff

Arizona’s inflation rate is outpacing the country on the whole, but University of Arizona economist George Hammond said gas and food prices are not to blame.

"Inflation is running rapidly in the US, it’s particularly fast here in Arizona and what’s driving that is what’s going on with house prices and the housing market," he said.

Shelter inflation, which includes rent, is up 19% in the Phoenix area compared to 6.2% nationally. The Bureau of Labor Statistics does not release numbers specific to Tucson.

Hammond also said that although personal income has increased significantly in the area, it is not keeping up with inflation.

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