Honolulu tops the list of U.S. cities in inflation
It probably came as no surprise to Honolulu residents that it cost more to do everything in Honolulu during the first half of this year as compared to last year.
Hawaii residents and visitors paid more for their rentals, to buy groceries or dine out, to shop for clothes and to get around the island. And, if they wanted to drown their sorrows over rising prices, it cost more to buy that soothing beverage, too.
Honolulu Consumer Prices
Inflation in the first six months of 2008:
|
% chg. |
% chg.
|
|
over '07 |
over '07 |
|
|
1st half |
2nd half |
|
|
|
Overall |
+ 4.9% |
+ 2.2% |
|
Housing |
+ 5.6% |
+ 1.4% |
|
Transport. |
+ 5.4% |
+ 4.8% |
|
Food |
+ 4.7% |
+ 2.6%
|
Apparel |
+3.2% |
+0.3% |
Source: U.S. Bureau of Labor Statistics
|
In the latest semi-annual consumer price index report issued by the U.S. Bureau of Labor Statistics, Honolulu inflation topped the list of U.S. cities. Honolulu experienced a 2.2 percent rise in consumer prices in the first half of 2008, with prices rising 4.9 percent year-over-year.
The rise in inflation essentially meant that Honolulu consumers paid $227.33 during the first half of this year for a basket of goods that would have cost them $100 from 1982-84.
"You can say in broad-bushed terms that Honolulu was in the upper end of the inflation rates among cities last year," said Todd Johnson, a San Francisco-based economist for the U.S Bureau of Labor Statistics.
Still, the increase was less than the proceeding two years, Johnson said.
"In 2006 and 2007, inflation jumped up fairly high and now it's come down," he said. "During the first half of 2005 to 2006, it was 5.8 percent."
And, inflation during the first half of this year is still below the 8.3 percent high that it reached from the first half of 1990 to 1991. That was the highest recorded inflation for Honolulu since semi-annual data became available in 1985, Johnson said.
Regional Commissioner Richard J. Holden said rising housing prices in Honolulu, which have gone up 1.4 percent during the first half of the year and by 5.6 percent for the year, contributed strongly to the all items annual increase.
In addition, Honolulu experienced its largest annual electricity price increase during the first half of 2008 since a 61.2 percent rise from 1980 to 1981. The price to buy fuel and utilities during the first half of the year increased 14.6 percent and has jumped 36.4 percent for the full year.