Arizona Inflation Reaches Lowest Rate in Two Years, Driven by ‘Housing Market Paralysis’

Sale Pending Home

October brought Arizona’s lowest inflation rate in years with the Phoenix metro area inflation rate being 1.56% year-over-year – a decrease from 2.27% in August – according to the Common Sense Institute.

“This latest reading ends the over 2-year streak of inflation above the standard target of 2.0% annually,” reads the CSI report. “Historically, the Phoenix Metropolitan Statistical Area has experienced significant inflationary pressures, notably in June 2022, when inflation in Phoenix peaked at a record high of 13%, well above the national rate of 9.1%. This trend made Phoenix one of the fastest-inflating areas in the U.S.”

Read the full story