The average household in Colorado has spent nearly $17,000 more since 2020 because of inflation, according to a new analysis from a think tank.

But there are some good news, the analysis shows.

Prices increased by 0.81% during April and May — down from a 1.34% hike over the two previous months.

That rate led to Colorado’s 12-month inflation rate dropping from 5.7% to 5.15%.

The reasons? A decrease in energy prices and slower rates of growth in the prices of medical care and transportation fuel, according to the Common Sense Institute.

The energy sector, in particular, saw a 6% price decline over the last 12 months, which is the largest drop of any sector.

Energy prices previously spiked by 34% from May 2020 to May 2021, and by 25% from May 2021 to May 2022.

Here are the highlights:

In April and May, the average Colorado household spent $2,160 more due to inflation or about $1,080 per month on average.

Inflation in metro Denver inflation outpaced the national average over the last 12 months: 5.2% in Denver, 4.1% nationally.

The energy sector saw prices fall 6% over the last 12 months