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Consumer prices slow with O&G in the west

Despite a slow but steady oil price recovery for Colorado, the growth recently came to a halt, and with it, consumer prices.

According to the Denver Business Journal, the U.S. Bureau of Labor Statistics reported a 0.3 percent jump in the federal consumer price index (CPI) in western states for the month of April. This gain is notably smaller than the 0.8 percent month-to-month jump in March and 0.6 percent jump in February.

The index accounts for a broad span of spending, including housing and services such as haircuts, transportation costs such as gasoline took and especially hard hit. BLS reports spending within the sector shrank by 0.1 percent between March and April.

The CPI for western states, including Colorado, Arizona, California, Wyoming and Utah, has seen a 1 percent growth since this time last year, but transportation costs still experienced an 8 percent drop in that same timeframe.

As a whole, the U.S. CPI saw a 0.1 percent rise from March to April.

In related news, US oil and natural gas rig count drops by 3 to 885.

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