Bread, eggs, and rent prices have skyrocketed

Although national inflation in July – measured by the Consumer Price Index, the CPI – fell to 8.5 percent annually, El Pasoan still suffered from the impact of increases in certain products such as eggs, bread and housing rents.

Inflation in July was lower than that recorded in June, which hit a 40-year record of 9.1 percent, according to the Hunt Institute, a research center affiliated with the University of Texas at El Paso (UTEP).

However, the increase in food prices had a stronger impact on the pockets. Food price inflation in July hit a 41-year national record of 10.5 percent, up 10 percent from the previous month.

The report stated that the fuel hit a record high of 41.6 percent in June and then settled at 32.9 percent in July. Gasoline, which has reached the $5 per gallon mark, sells for more than $3 locally, which is a respite for border residents.

El Paso County consumers experienced few increases in high-use products from a year ago.

Examples include disposable napkins — the so-called “Kleenex” — which reported an increase of 90.7 percent, and whole-wheat bread for sandwiches rose 44.3 percent.

There were also big increases in margarine – 40.7 percent – and eggs – 40.4 percent – which are higher in the second quarter of 2022 than in the same period in 2021.

“I don’t even know how to do it anymore. A few months ago I was buying a dozen eggs for less than $2 and now they’re at least 3 cents at Walmart,” said Westside resident Ricardo Martinez.

high rental cost

Another expense that saw a significant increase was the cost of renting a home, which was marked by increased housing demand, affecting the revaluation of real estate in El Paso, among other factors.

According to an analysis of data from the Associated Press, at five of the most populous military bases in the United States — including Fort Bliss in El Paso — housing allowances for all ranks have increased an average of 18.7% since January 2018.

In that time, according to real estate firm Zillow, rents were up 43.9% in those markets: Carlsbad, California; Colorado Springs, Colorado; El Paso, Texas; Killeen, Texas and Tacoma, Washington.

Because of the difficult off-base markets, basic housing has become a hot commodity, with long waiting lists for many bases.

gasoline, the same

In the US, the retail price of regular gasoline reached an all-time high during the second week of June, settling at $4.84 a gallon. This represents an increase of 63.1 percent in one year.

The big increase – experts from the Hunt Institute – is due to the Russian war in Ukraine as well as the side effects of the Covid-19 pandemic.

However, after the third week of June, regular gas prices fell each week, settling at $3.47 a gallon in El Paso on Saturday, according to data from the American Automobile Association (AAA).

In fact, for the first time since the second week of May, national prices for this fuel have fallen below $4.

The situation reflects both lower demand and higher supply in US inventories. While gas prices in Texas are below the national average, the difference between the two is 36 cents.

In general, gas prices in El Paso have shown the same trend as in Texas and the rest of the country, although at the local level they are slightly higher than at the state level.

During the third week of August, the average price of regular gasoline in El Paso was 3.42 per gallon, the same as the state price and less than the national price of $3.78.

newsroom@diariousa.com

Leave a Comment