Inflation remains high in Houston
Inflation in Houston continues to be higher than the national average — and has been so for the past five months.
By the numbers: The Consumer Price Index, a measure of what consumers pay for goods and services, climbed 9.5% over the past year in Houston.
- Meanwhile, the U.S. CPI rose 8.3%, according to Bureau of Labor Statistics data.
Details: Food, energy and recreation prices have risen faster in Houston than across the country.
- On the other hand, gas prices have continued to fall. The national average is $3.70 a gallon, while the Houston average is $3.08 per gallon, per AAA.
What they're saying: Houston's higher inflation suggests that demand is stronger and supply chain issues and labor shortages may be worse here than other cities, according to Patrick Jankowski, SVP of research at the Greater Houston Partnership.
- "Things are tight in Houston," he said.
Between the lines: Americans — and voters — are living in a variety of economic microclimates, with disparities driven by differences in energy, food and housing costs, Axios' Hans Nichols reports.
- There's no way to sugarcoat the overall number, and it's diminished hope for Fed Chair Jay Powell to achieve a so-called "soft-landing" for the economy, Axios' Neil Irwin and Courtenay Brown write.
- President Biden has largely blamed the war in Ukraine and snarled supply chains for rising prices, but has been quick to take credit for falling gas prices.
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