US Bureau of Labor Statistics data shows rise in food costs amid price drop on cars and energy

PASADENA, Texas (KTRK) -- The prices of a lot of things including cars and energy are going down, according to data released by the federal government Thursday.

University of Houston professor, Chris Clarke, told ABC13 that this is an indication the worst of rising prices are behind us.

"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.

"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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