Inflation has not only hit the construction market in Seattle but all other factions as well. The residents of Emerald City look down the barrel of price hikes in all walks of life. Experts at United Seattle look at all the commodities hit by inflation and interest rates includes food staples and real estate.

Cost Of Living

The cost of living index or COLI is used to compare one city with another to gauge the living expense as per a standard benchmark. Out of the 57 items researched, 37 were seen to be more expensive as compared to last year whereas 19 items experienced a decrease and three remained at the same cost.

Exponential Inflation

Despite a national inflation rate drop to 3.7% in September from its peak of 9.1% in June 2022, inflation remains above the Federal Reserve's target rate of 2%. The data suggests that while the broader economic indicators are improving, the impact on daily expenses in Seattle is more complex.

Variable Changes

Out of the 37 items that saw a price increase, 19 of them had an increase of equal or more than 10%. This indicates that the price increase is just not an increase but a shift in living standards as monthly incomes have not increased in parity with the inflation in Seattle. Notably, Seattle retained its status as having the most expensive gasoline among 269 surveyed cities, even surpassing California cities.

Personal Cost Goes Through The Roof

Seattle residents faced an unwelcome surprise in the realm of personal grooming, with the average cost of a men's barbershop haircut soaring to $52.50. This represents a significant increase of nearly $15 from the previous year, highlighting an unexpected expense for many. This might come across as an insignificant factor but every dollar adds up in the yearly expenses.