Inflation In Houston: Gas, Food, Housing Costs Keep Rising

Houston TX

14 December, 2021

5:35 PM

Description

HOUSTON, TX — Americans are still feeling the effects of sticker shock as consumer prices surged once again, increasing 6.8 percent over a 12-month period — making it the highest such increase in nearly 40 years. While prices increased across the board, prices for gas, food, used and new cars were the major contributors, according to the Bureau of Labor Statistics. Data released this month by the Bureau of Labor Statistics show gas prices nationwide have surged just over 58 percent and food prices are up 6.1 percent in November over the past year. The Labor Department also reported Friday that prices rose 0.8 percent from October to November — a substantial increase, though slightly less than 0.9 percent increase from September to October. Some economists are holding out hope that inflation will peak in the coming months and then gradually ease and provide some relief for consumers. They note that supply shortages in some industries have begun to gradually ease. And while higher energy costs will continue to burden consumers in the coming months, Americans will likely be spared from earlier forecasts that energy prices would reach record highs over the winter. However, the price increases vary by region. The most recently available data show how much more consumers in the Houston-The Woodlands-Sugar Land metropolitan area are paying for goods and services. SEE ALSO: Why U.S. Inflation Is So High, And When It May Ease: Explainer Here's a look at how prices stood in Houston through October with some noted data points from the Bureau of Labor Statistics current through November. Overall, prices were up 6.1 percent in Houston over the 12-month period ending in October, while prices in the South Region of the United States increased 7.2 percent year-over-year through November. That was up from 6.6 percent in October. Here's a breakdown of how much more Houston-area residents are paying for everyday items: Food and beverage Prices in Houston are 5.6 percent higher compared to October 2020 and have risen 2.6 percent over the two months prior. Prices for food at home increased 7.8 percent from November 2020 to November 2021, and prices for food away from home increased 5.3 percent from October 2020 to October 2021. Gas and Energy Gas prices are up nearly 70.8 percent since November 2020. Energy prices through the end of October jumped 38.5 percent year-over-year with prices for electricity increasing 22.1 percent and natural gas 16.4 percent over that same span. The energy index rose 4.8 percent for the two months ending in October, mainly because of a 6.8 percent increase in the price of electricity. Gasoline prices increased 3.8 percent over that span, while prices for natural gas service stayed steady. Housing Overall, prices for a homeowners' equivalent of rent are up 1.7 percent year-over-year in November, while the price of rent is up 1.5 percent. Reporting and writing from The Associated Press was used in this report.