RAPID CITY, S.D. (KOTA) – The Consumer Price Index for July 2024 was released August 14 putting inflation at 2.9 percent, the lowest rate since March 2021.
“So while the rest of the country is saying ‘great we’re under three,’ the midwest and Rapid City has been under three for the last two or three months. Our inflation rate is probably closer to 2.7-2.5 so we’re even lower than the rest of the country,” Tom Johnson, CEO and President of Elevate Rapid City, said.
Johnson estimates that wages have increased by 10 percent in Rapid City, but this doesn’t mean the economy will be fixed overnight, interest rates and the average home price are still high.
“So it’s still probably a little too high from where we want it, to make sure that people who are just getting into jobs can afford a home, or people who are renting can afford rent. So we still want to say Houses …