The first month of our Texflation Index looks grim | Opinion
Various fuel prices are displayed at a RaceTrac on Thursday, Feb. 10, 2022 in Frisco, Texas.The inaugural edition of the Dallas Morning News Texflation index sent a clear message: There is nowhere to hide from the oil spike caused by Russia’s invasion of Ukraine, not even Texas.
The average price of gasoline rose by 8% in Texas in the month ended Feb. 25, a historic jump and by far the largest contributor to the price change outside of the airline tickets. Texas is not immune to the energy inflation that’s squeezing consumers’ wallets around the world, even if the state’s role as an energy producer cushions the effect. In the U.S., 4.3% of all consumer expenditure goes to energy, according to economists at Wall Street brokerage Jefferies.
Depending on how long supply disruptions last, Carroll said, energy inflation could affect the prices of a range of other goods. “You’ll see an impact on very high-electricity consuming industries.” One example, Carroll said, is in the production of glass, where power-gobbling electric kilns are used to produce very high heat.
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