Inflation in Houston remained higher than the national average, driven by faster increases in food and energy costs.
Inflation in Houston remained higher than the national average, driven by faster increases in food, energy and housing costs.
Still, increases in the costs of food and energy have kept inflation near 40-year highs in the Houston area and across the nation. Perhaps more worrisome, underlying or core inflation, which strips out volatile food and energy prices, rose sharply in August, making it all but certain the Federal Reserve will continue to raise interest rates aggressively and spurring a deep selloff in financial markets Tuesday.
Prices in the Houston area have been rising faster than in the nation as a whole. The cost of groceries has risen 13.5 percent nationally since August 2021, the Labor Department said, with notable increases in the prices of staples such as meat, dairy, and eggs — which have risen nearly 40 percent. Not all prices are going, a bright spot for Houstonians looking to drown their sorrows. Alcoholic beverage prices fell 1.4 percent over the year. In contrast, the prices of nonalcoholic beverages soared nearly 20 percent in the Houston area since last summer.Economists have warned that the data may lag conditions, particularly in housing. In many Houston neighborhoods, rents have risen more sharply than the 8 percent increase in housing costs reported in the consumer price index.
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