Wednesday, April 17, 2024
Hawai'i Free Press

Current Articles | Archives

Saturday, December 17, 2022
Report: Inflation is easing in Honolulu
By Selected News Articles @ 4:50 PM :: 1746 Views :: Economy, Hawaii Statistics

Report: Inflation is easing in Honolulu

by Merrilee Gasser, The Center Square, December 16, 2022

(The Center Square) - Amidst 40-year high inflation rates, Honolulu is experiencing a decrease, a new report found.

In personal finance website WalletHub’s report "Cities Where Inflation is Rising the Most," Honolulu showed a Consumer Price Index change of -0.6% over the last two months. Its change compared to a year ago versus the latest month available still shows an increase of 5.8%, according to the report.

Some cities are experiencing inflation worse than the national year-over-inflation rate of 7.1%.

The report compared 23 major metropolitan statistical areas across two key measures related to the Consumer Price Index.

Phoenix, Mesa, and Scottsdale in Arizona are experiencing the highest rate of inflation at just over 12% compared to a year ago. The change in Florida’s Consumer Price Index for Miami, Fort Lauderdale, and West Palm Beach over the past year was 10.10%, the report found.

Only six of the 23 areas evaluated showed small decreases in inflation rates over the last two months, including Honolulu. All areas evaluated saw increases compared to a year ago, according to the report.

The U.S. Federal Reserve announced another rate hike of half a percentage point this week in another attempt to tackle inflation.

“Raising interest rates is a textbook solution to control inflation and most importantly, it helps to stabilize inflation expectations in the mid to long run, which has already been observed in the recent May and June data on inflation expectations,” said Liang Wang, an economics professor at the University of Hawaii at Manoa.

Wang said some of the “extensive quantitative measures” the Fed has taken in the last decade has played a big role in the current inflation problems. While government officials have repeatedly cast blame on the war in Ukraine and supply chain problems, trillions in federal spending during COVID-19 also set the stage for the inflation Americans are currently experiencing.

Wang said he feels optimistic about the U.S. economy if timely measures are used to stabilize consumer expectations.

“After all, we have not seen any abrupt, imminent, and detrimental factors that will freeze the economy such as the 2008 financial crisis or covid-19. If a recession was coming, it would be slow and gradual,” Wang said. 

---30---

HNN: Good news for your budget: Economists predict a rapid drop in inflation for Hawaii next year

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT