HOUSTON – In June, we saw an inflation rate we haven’t seen in four decades. The rate was just over 9% and it’s having a steep impact on housing, gas, and groceries.
Every day prices continue to increase and it’s making it tough for many families. In Houston, the average price for gas is $4.43. The increase is causing drivers to think of creative ways to save at the pump.
When it comes to groceries, consumers are paying roughly 12% more for essential items and many organizations in the Houston area are receiving a high number of calls from people who need help with paying their bills.
The average household is spending nearly $500 more a month on the same essential items compared to last year.
“As consumers, inflation is robbing us the value our dollar. It has less value at the store when we are buying whatever it is we need each day. We are not talking about luxury items, we are talking about everybody buying the staples that they need those prices are going up,” Janet Parr, a professor at Houston Community College, said.
The consumer price index is up to 9.1%. That’s a 1.3% increase from May. The housing market is making it tough for families who are trying to sell, rent or purchase a new home. The average cost for a starter home in the Houston area can cost anywhere between $300,000-$400,000 and the interest rate for the loan is also up.
Dr. Juan Crawford with Houston Community College says the average rent for a single-family home is up 22%.
“From a housing standpoint we have seen a stop to it being a sellers’ market, sellers’ market, seller’s market it’s kind of evening out we are also seeing people put up a house for $200,000 and you get 7 bids above $250,000,” Dr. Crawford said.