University of Houston professor, Chris Clarke, told ABC13 that this is an indication the worst of rising prices are behind us.
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"This isn't a one month story, this is the start of a new trend," Clarke said.
However, one cost that continues to climb across the country is the price of food, which Clarke said will have a major impact on budgets in the coming months.
"The holidays are going to be expensive," he said. "Food prices are one of the fastest growing components of a household budget."
Which is why the work being done at the City of Pasadena Food Drive Thursday was especially timely.
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"We are finding we have a lot of families that need food," Kathy Chumley of Pasadena Community Ministries said. "There is a real need in this community for that."
The average price of everything you bought went up 7.7% from October 2021 through October 2022, and Clarke said that number is still incredibly high as it relates to inflation.
"Normally we like inflation to be around 2-3%," he said. "Current forecasts have that happening by the end of 2023."
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