Study Says Houston Has One of the Lowest Inflation Problems, But Are Our Pockets Any Different?

HOUSTON – High prices due to inflation seem to have been going on forever, and a new study suggests that Houston isn’t experiencing as much of a difference compared to other major metropolitan cities. My wallet and bank statements suggest otherwise.

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The report was conducted by WalletHub, where researchers compared 23 major metropolitan cities.

Looking at the Consumer Price Index, which measures inflation, for last month, the results suggest that Houston had the fourth lowest inflation problem.

I’m not an economist, but something doesn’t seem right. (I’m also not good with money – but that’s neither here nor there.)

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And experts tell WalletHub I might not be the only one who thinks that, either.

“Inflation is falling but not as fast as we would like,” said Professor Kjetil Storesletten of the University of Minnesota. “An increase in interest rates and a reduction in government spending would both help reduce expectations of future inflation and, therefore, reduce the current inflation rate.” Earlier this week I wrote an article about how much money Houstonians needed to make to “live comfortably” and there was a gap between the median income and the amount needed to make ends meet.

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Add to that the fact that Texas’ minimum wage has remained unchanged since 2009, at $7.25 an hour.

So it’s hard to see how much of a silver lining Houston has when it comes to inflation.

And experts like Scott Kolman of San Diego State University tell WalletHub that it’s almost impossible to see any light at the end of this very dark (and very expensive) tunnel.

“High inflation harms today and the future,” he said. “I have never heard or read of anyone giving a positive view of the future due to the current high inflation. You will hear politicians explain the current problem of inflation because it is a sign of a strong economy.

“This is true in the current situation,” Kolman continued. “However, the economy is overheating due to deficit spending. The cost of inflation caused by the budget deficit will be far greater than the dollars we have to repay and the interest on extreme borrowing.”

Read the full WalletHub report by by clicking here.