For local governments, Article X, Section 20 (otherwise known as TABOR), defines inflation to mean the percentage change in the United States Bureau of Labor Statistics Consumer Price Index (CPI) for Denver-Boulder (now Denver-Aurora-Lakewood). The Bureau of Labor Statistics provides the Denver-Aurora-Lakewood CPI figure and two State Agencies provide forecasts that can be used for the local government budget process.
Actual Values
2023
CPI Value: 320.300
Percentage Change: 5.215%
2022
CPI Value: 304.424
Percentage Change: 8.011%
2021
CPI Value: 281.845
Percentage Change: 3.541%
2020
CPI Value: 272.207
Percentage Change: 1.951%
2019
CPI Value: 266.999
Percentage Change: 1.924%
2018
CPI Value: 261.958
Percentage Change: 2.731%
2017
CPI Value: 254.995
Percentage Change: 3.386%
2016
CPI Value: 246.643
Percentage Change: 2.772%
Bureau of Labor Statistics CPI Website
Using CPI for Budget Projections
The Bureau of Labor Statistics releases the Denver-Aurora-Lakewood CPI figure annually around the end of February. Local governments recognize the timing of its release makes it too late to use actual numbers for annual budget preparation which must be completed in December. Accordingly most local governments find it necessary to use current year forecasts which are made available quarterly through both the Governor's Office of State Planning and Budgeting (OSPB) and the Colorado Legislative Council.
Many local officials use the forecasts to calculate TABOR limitations. Doing so necessitates recalculation of limits after the release of the actual Denver-Aurora-Lakewood CPI number to compare amounts approved in the budget document and make amendments if necessary.
In January 2018, the Bureau of Labor Statistics introduced a new geographic area for the CPI. The local CPI changed from Denver-Boulder-Greeley to Denver-Aurora-Lakewood. The Bureau of Labor Statistics CPI provides more information, and past actual numbers for the calculation of the index.
Projections
Two State Agencies in Colorado develop quarterly projections for the Denver-Aurora-Lakewood CPI and both are provided here and updated quarterly. DOLA provides these forecasts on our webpage as a courtesy, for more information on these forecasts please follow the links to the forecasting State Agencies below.
2024 CPI Projections
Colorado Legislative Council
- March 2.6%
- June 2.5%
- September 2.7%
Colorado Office of State Planning and Budgeting
- March 2.7%
- June 2.6%
- September 2.5%
2023 CPI Projections
Colorado Legislative Council
- March: 4.9%
- June: 4.6%
- September: 4.9%
- December: 5.2%
Colorado Office of State Planning and Budgeting
- March: 4.3%
- June: 4.7%
- September: 5.0%
- December: 5.2%
2022 CPI Projections
Colorado Legislative Council
- March: 7.0%
- June: 7.9%
- September: 8.2%
- December: 8.1%
Colorado Office of State Planning and Budgeting
- March: 7.2%
- June: 8.2%
- September: 8.3%
- December: 8.0%
2021 CPI Projections
Colorado Legislative Council
- March: 2.7%
- June: 3.1%
- September: 3.7%
- December: 3.7%
Colorado Office of State Planning and Budgeting
- March: 2.4%
- June: 3.2%
- September: 3.7%
- December: 3.5%
2020 CPI Projections
Colorado Legislative Council
- March: 2.2%
- June: 1.0%
- September: 1.7%
- December: 2.0%
Colorado Office of State Planning and Budgeting
- March: 1.7%
- June: 1.9%
- September: 2.5%
- December: 2.3%
2019 CPI Projections
Colorado Legislative Council
- March: 2.3%
- June: 1.5%
- September: 1.8%
- December: 1.9%
Colorado Office of State Planning and Budgeting
- March: 2.3%
- June: 2.0%
- September: 1.7%
- December: 1.9%