Households are grappling with soaring prices on gas, groceries, rent and other essentials.
The latest inflation data released by the Bureau of Labor Statistics, showed that consumer prices rose 9.1% during the 12-month period that ended in June -- the biggest yearly increase since December 1981 and a new pandemic-era peak.
Here is how inflation is affecting the Houston area.
SOUND OFF: How is inflation affecting your spending?
The increase in gas prices has become one of the most noticeable ways people are feeling the effects of inflation.
As of this writing, the national average price for a gallon of regular unleaded gas is $4.33, which is 17 cents less when compared to this day last week and $1.17 more than the price per gallon at the same time last year.
This month, the statewide gas price average slipped below $4 for the first time since May. Currently, the average price for a gallon of gas in Texas is $3.83, 15 cents less than it was a week ago and about $1 more than it was last year, according to the AAA.
In Harris County, the gas price average is $3.90, six cents less than on this day last week and over $1 more per gallon compared to this day last year.
MORE: This is what fuel is costing people in Houston area, across the US as summer travel season ramps up
Shoppers are also facing higher prices at the grocery store. Inflation has pushed up prices on fruits and vegetables, meat, dairy and baked goods. During the 12-month period that ended in June, the price of eggs rose 64.9%. Chicken breast is up 36.2%, flour nearly 40%, and milk 22.2%, according to the latest inflation data released by the Bureau of Labor Statistics.
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The latest inflation data released by the Bureau of Labor Statistics, showed that consumer prices rose 9.1% during the 12-month period that ended in June -- the biggest yearly increase since December 1981 and a new pandemic-era peak.
Here is how inflation is affecting the Houston area.
SOUND OFF: How is inflation affecting your spending?
Gas prices
The increase in gas prices has become one of the most noticeable ways people are feeling the effects of inflation.
As of this writing, the national average price for a gallon of regular unleaded gas is $4.33, which is 17 cents less when compared to this day last week and $1.17 more than the price per gallon at the same time last year.
This month, the statewide gas price average slipped below $4 for the first time since May. Currently, the average price for a gallon of gas in Texas is $3.83, 15 cents less than it was a week ago and about $1 more than it was last year, according to the AAA.
In Harris County, the gas price average is $3.90, six cents less than on this day last week and over $1 more per gallon compared to this day last year.
MORE: This is what fuel is costing people in Houston area, across the US as summer travel season ramps up
Food prices
Shoppers are also facing higher prices at the grocery store. Inflation has pushed up prices on fruits and vegetables, meat, dairy and baked goods. During the 12-month period that ended in June, the price of eggs rose 64.9%. Chicken breast is up 36.2%, flour nearly 40%, and milk 22.2%, according to the latest inflation data released by the Bureau of Labor Statistics.
Continue reading...
