Report: The cost of goods and services in North Texas rose by 0.8% over the past 2 months.

NORTH TEXAS (CBSDFW.COM) – The latest inflation report has been published and new data show that domestic consumer prices rose by 0.5% in January, more than 6% compared to last year.

The Consumer Price Index of the US Bureau of Labor Statistics measures the average cost of goods and services over time.

New data for the Dallas-Fort Worth-Arlington area shows prices up 0.8% overall over the past two months.

Breaking it down:

  • Food has risen in price by 0.6%
  • Shelter up to 1.8%
  • Used cars and trucks fell 3.8%
  • Energy decreased by 2.5%
  • Medical care grew by 2.1%

“Right now we’re like a football team in the red zone,” said Mike Davis, professor of economics at SMU’s Cox School of Business. “We have achieved a reduction in inflation compared to the really terrible levels that we had before. We are at the 20-yard line, but it will be very, very difficult to get the ball over the goal line. What I’m looking at is the general trend in prices, especially what we call the price baseline. It’s been pretty stubborn to go down, so now it looks like we have a little more work to do.”

This comes from a new survey by the nonprofit No Kids Hungry Texas, which shows that due to staggering inflation and the end of COVID-19 economic relief plans, about 40% of rural parents and respondents have recently experienced food insecurity. Some have to go to food banks for the first time.

In the coming months, Davis said it’s important to make sure your financial situation is in the best possible shape.

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texasstandard.news contributed to this report.

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