Inflation in Los Angeles and Orange counties was 3.7% in March. For Riverside and San Bernardino counties it was 4.6%.
, with a bimonthly cost index, inflation ran at a 4.6% yearly pace for March vs. 7.3% in January vs. 10% a year ago. That’s the lowest since March 2021.
And as a yardstick, contrast local inflation with nationwide prices up 5% in the year ended in March, the 4.8% gain in Pacific states, a 5.3% jump in San Diego and a 3.3% boost for Honolulu.Remember, inflation soared as coronavirus upended the economy due to a combination of factors: supply and labor shortages tied to pandemic business limitations, the war in Ukraine disrupting global food supplies, and overly aggressive financial aid from the federal government and the Federal Reserve.
In the past year, however, some supply shortages have eased. Plus, the Fed has ended its economic stimulus and turned toward cooling the business climate to chill what had been 40-year highs of inflation rates.Consider that the CPI shows prices of “durables” – big ticket items like vehicles, appliances, and furniture fell 1.9% in L.A.-O.C. in a year and rose just 0.7% in the Inland Empire. “Nondurables” items – those bought and consumed frequently – saw prices up 1.2% in L.A.-O.C. and 0.8% in I.
But workers remain hard to find, pushing wages up sharply. That means inflation stays hot for labor-intensive services. getting Somebody to do do something costs 5.5% more in L.A.-O.C. and jumped 7.2% in I.E.How the past year’s price patterns played out within narrower slices of local consumer spending …Related Articles
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