Colorado economic forecasters told legislators last month that they expect inflation to continue rising, constraining the state’s budget and raising the specter of a recession.
Inflation has disproportionately affected lower-income Coloradans, increasing their spending on essential services at rates far higher than wealthier residents, according to a new analysis by two University of Colorado Denver professors.commissioned by the Bell Policy Center and released last week
The report comes as state economic forecasters told legislators last month that they expect inflation to continue rising, constraining the state’s budget and raising the specter of a recession as federal regulators attempt to slow spending.
While higher earners are spending more than lower-income Coloradans in real dollars, the impact on their overall income is less. Since September 2020, spending has increased 8.9% for lower-income Coloradans, defined by the report as those making 66% or below of local median income. Nearly half of that 8.9% increase is due to rising housing and grocery costs. Much of the rest is in other essential spending, like medical care and utilities.
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