Apr 10, 2024 - News

Dallas-Fort Worth inflation higher than national average

Data: BLS; Chart: Axios Visuals

Inflation in Dallas-Fort Worth remains higher than the national average but is still well below heights seen in 2022, per the latest Consumer Price Index report.

Why it matters: Consumers continue to see high prices, especially for food and shelter.

  • Inflation was falling at the end of last year, but it has remained higher than palatable for the first part of the year, likely putting at risk the Federal Reserve's plans to lower interest rates.

Zoom out: Nationally, consumers are paying 3.5% more for goods and services compared to last year.

By the numbers: D-FW inflation in March was up 4.9% from a year ago, per the CPI report out Wednesday.

  • Local housing costs are up 6.2% over last year.
  • D-FW food costs are up 3.7% compared to last year, with dining out costs driving the hike with a 6% annual increase.

The intrigue: Texas and D-FW gas prices remain below the national average, but the CPI fuels and utilities category saw one of the biggest annual jumps in the Dallas metro at 9.2%.

  • Piped gas utility prices are up almost 21% since last year.

Flashback: In October 2022, inflation in D-FW was at 9.2%. Though the cost of goods was straining consumers' wallets, local and state budgets saw a surplus from increased sales tax revenue.

What's next: The CME FedWatch tool now sees an 80% chance that rates stay at current levels at the Fed's June policy meeting.

  • Last week, the tool had 62% odds of rate cuts.

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