Texflation Index was level over 12 months, volatile in the middle | Opinion
The Dallas Morning News Texflation Index tracks the prices of a basket of goods that are distinctively Texan.Prices of Texas-accented items slipped in December, but an annual roundup, after 12 months of tracking Lone Star inflation, reveals a bucking bronco of a price chart for everything from margaritas to Austin rents.
A yearlong chart shows a sharp increase for the first half of the year driven by pickups and gasoline, a more gradual rise in the summer driven by rents and foodstuffs, followed by a leveling off. One upshot of deglobalization was the ascent of the Ford F-150, the national car of Texas, to hyper-luxury vehicle status. At one stage, the median price on used-car sites for a 1-year-old F-150 XLT trim topped $57,000. Strict COVID-19 lockdowns in China and an emerging tech war with the U.S. caused a chip shortage. That, in turn, caused a backlog in auto factories, a reflection of the fact that cars are increasingly just giant electronics.
The cruelest price changes of all were those in rent. Evictions in several Texas cities reached records, as rents reached absurd levels of unaffordability. Average monthly rent in Austin peaked in September at $1,725-a-month for a one-bedroom. Rents have come down a little bit, but eviction notices in Houston and other Texas cities are still among the most prolific in the nation.
“Supply chain recovery and the deflationary impulse in the goods sector that it promised to bring took much longer than we expected but have finally arrived,” said analysts at brokerage Goldman Sachs Group, in a note to clients.
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