With inflation up, Houstonians explain how prices are impacting them

HOUSTON, Texas (KTRK) -- Prices that both consumers and wholesalers pay for goods and services have increased over the past month.

On Tuesday, the U.S. Bureau of Labor Statistics released the consumer price index report, which showed that inflation climbed to 3.8% annually in April, which is the highest level since 2023.

The report shows that rising energy prices are a large driver of the increase in prices. Excluding food and energy, inflation for consumers rose 0.4%.

RELATED: US grocery prices rose in April, but gas spikes weren't the only reason

The report also shows that inflation is nearly double the U.S. Federal Reserve's target rate of 2%. For the first time since 2023, inflation is outpacing wage growth, according to the data.

Houstonians told ABC13 they're feeling the impact.

"Yes, I definitely have especially gas. Gas is really high. It's about $4 per gallon. Even milk, eggs, food, just regular necessities, everything is high," Skylar Zingrebe said.

On Wednesday, the Labor Department's producer price index, which measures prices for wholesalers, showed that producer prices are up 6% from a year earlier. That is the highest level since December 2022.

The statistics in the report are important because high inflation for wholesalers puts pressure on companies to raise prices for customers.

An economist ABC13 spoke with said both reports are concerning.

"I think there's potential for trouble in the future. These reports show that inflation is cutting into people's purchasing power, which could lead to negative economic impacts, including layoffs," University of San Diego Economics Professor Alan Gin, Ph.D. said.

You can check the current prices of multiple goods and services on the ABC13 Price Tracker.