Energy Prices Down, Food Prices Up
by: Rod Rice, December 16, 2008 9:12:26 pm
The limited BLS report includes information on energy, food and shelter prices for Harris and its contiguous counties.
In November, energy prices dropped just slightly more than 18%. Gasoline dropped a whopping 33% while electricity rose almost 20%. BLS Regional Economist Cheryl Abbot says while home energy costs were about even last month, the energy news for consumers is good.
"The cost of energy overall is down by almost 10% over the year."
Food prices in this area were down one percent in November, but there were increases in seafood, snacks, baby food and some fresh vegetables.
The food news is not so good for the year.
"Over the 12-months we've got a pretty good rate of inflation going on grocery items. Prices are up by an even 7%."
Abbott says sheltering costs were the only costs to rise last month— up 1.4% for homeowner's and.08% for renters.
"Over the year the homeowner index was up at 6.3% and renters costs rose a little more slowly, they were up by 5.1%."
Next month's CPI report will include everything and have the year end wrap up of local costs.