BY EMILY LINCKE
The details
Going forward
for food and beverages. Consumer prices saw a 10.1% increase year over year as of October—the highest increase in all listed categories—for fruits and vegetables.
According to the U.S. Bureau of Labor Sta- tistics, the Greater Houston area’s consumer price index—the average change of goods’ prices overtime—rose 4.7% year over year for October
Although the economy is expected to be slower in 2024, Jankowski said, this is relative since 2021 and 2022 were strong years for economic growth after stagnation during the onset of the pandemic in early 2020. Meanwhile, after ghting for two years to ease in ation by increasing federal interest rates, the Federal Reserve’s board of governors decided not to raise them in mid-December, according to a Dec. 13 news release from the board. However, it’s unknown whether interest rates will decline in 2024. Lower interest rates would be especially bene cial to small businesses, which have slimmer operating margins, Jankowski said in a Dec. 18 email. “If the Federal Reserve does lower interest rates in 2024, that should provide some relief to local businesses and help them to stay viable,” Jankowski said in the email.
The consumer price index fell to 1.7% in June 2023—the lowest percentage since February 2021— rising again to 3% by October 2023.
Over the year percent change in CPI, Houston, The Woodlands, Sugar Land
The Greater Houston-area consumer price index remains higher as of October 2023 than in October 2020.
+8.5%
+7.6%
+4.5%
+4%
+6.1%
The consumer price index peaks at 10.2% in June 2022.
+3%
0.1%
Oct. 2020
April 2021
Oct. 2021
April 2022
Oct. 2022
April 2023
Oct. 2023
SOURCE: U.S. BUREAU OF LABOR STATISTICS COMMUNITY IMPACT
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