Prices in Honolulu saw small decline this season, but still remain high
A new report finds that consumer prices in Honolulu decreased this fall, but costs are still higher than last year.
The U.S. Bureau of Labor Statistics reports that overall area prices went down, which could be associated with the lower costs for 'shelter.' In past months, interest rates on housing have increased with the hopes of bringing mortgage rates down as the country heads into a potential recession.
Prices in the Honolulu area decreased by 0.6% over the past two months, but that’s still nearly 6% higher compared to last November. This is still lower than the national average — which increased 7.1%.
The report also finds that over the course of the year, the average food prices soared. Prices for food at home increased by about 7%, and were almost double that for eating out.
Compared to last year, gas and energy prices are almost one-fourth higher than last year— but those costs decreased by 0.5% and 2.1% respectively since September.
Alcoholic drinks saw the biggest decrease compared to November 2022.
All utility costs are decreasing with the exception of piped gas services, which went up 3.5% since September.