Cost of Living Rising Fast Amid Inflation Worries

Texas has seen a nearly 18% increase in cost of living over the past decade, more than another state.

According to a report by Filterbuy, the Houston market saw a nearly 15% increase in cost of living since 2010. Dallas, San Antonio and Austin each saw more than 17% increases.

Meanwhile, year-over-year consumer prices jumped more than 5% each month since June.

Much of it can be blamed on COVID lockdowns and supply chain delays, but Bill Dendy, president of Elite Financial Management, says the Biden administration has not helped.

"If we're seeing inflation now, you probably should not do the things that are inflationary. And those things that are inflationary is the government spending a whole bunch of money."

Economists fear inflation will continue long term.

"The average American is going to have a lower standard of living because their wages may not be going up as quickly as the cost of the things they are buying," says Dendy.

Dendy says one reason Texas continues to see higher costs of living is due to everyone moving here, driving up demand.

"It's our tax environment. It's out pro-business environment that seems to attract corporations to Texas, and that keeps prices higher," he says.

"We didn't have as much of a slump when things slowed down."

Inflation, growth of food sales, growth of market basket or consumer price index concept. Shopping basket with foods on arrow.

Photo: Getty Images

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