Inflation 2023-2024 in Athens-Clarke and Oconee Counties, Georgia

Though the rate of inflation has been decreasing since its recent peak in 2022, it is still one of the biggest concerns for consumers in our economy. In the US, inflation is measured by the federal government with the Consumer Price Index (CPI) which is based upon a market basket of goods and services for a typical household in metropolitan areas. Data is also collected by organizations such as The Council for Community and Economic Research (C2ER), that focuses on the top quintile of earners in a given regional area and includes 22 “core” items such as housing costs, food items, healthcare-related visits, and clothing, to name a few.

Using data collected during the first quarters of 2023 and 2024, we attempt to calculate an inflation value representative of the cost of living in Athens-Clarke and Oconee counties over the past 12 months. This project attempts to calculate a more specific local inflation rate that could be used by local governments, employers, and businesses to inform development of policy, appropriate wages and salaries, and needed assistance programs. The project is valuable as there has been only one local price index, i.e., the Atlanta metropolitan area, available in Georgia. Over the past year, the Athens-Clarke and Oconee county areas experienced an inflation rate of 14.34% over the 22 categories of goods & services analyzed. Rates varied greatly across items, however, with the vast majority of inflation due to the increase in new home prices, followed by the increase in rental prices.