Report: Cost of goods, services in North Texas increased 0.8% in the past 2 months
NORTH TEXAS (CBSDFW.COM) – The latest inflation report is out and new numbers show nationwide consumer prices rose .5% percent in January, up more than 6% over the past year.
The U.S. Bureau of Labor Statistics' Consumer Price Index measures the average cost of goods and services over time.
New data for the Dallas-Fort Worth-Arlington area shows overall, prices have increased 0.8% in the past two months.
Breaking it down:
- Food is up .6%
- Shelter up 1.8%
- Used cars and trucks down 3.8%
- Energy down 2.5%
- Medical care up 2.1%
"We're kind of like a football team in the red zone now," SMU's Cox School of Business economics professor Mike Davis said. "We've gotten inflation back down from the really scary levels it was before. We're at the 20 yard line, but it's going to be really, really hard to get the ball across the goal line. What I'm looking at is the overall trend in prices, especially what we call a core price level. That has been pretty stubborn to come down so right now it looks like we're going to have some more work ahead of us."
This comes as a new poll from the non-profit No Kids Hungry Texas shows because of staggering inflation and the end of COVID-19 economic relief plans, about 40% of parents and rural respondents have recently experienced food insecurity. Some have to go to food banks for the first time.
Heading into the coming months, Davis said it's important to make sure your financial situation is in the best possible shape it can be in.
