HOUSTON — From gas prices to groceries, it’s hard not to get sticker shock every time you check out.
A report coming out Wednesday will show how much prices have gone up.
Gas prices have already hit a new record in the U.S.
AAA says a year ago a gallon of regular cost an average of $2.70 in Texas. Today, it’s more than $4.
And in Texas, records have been topped again and are climbing even higher than the previous mark, which we set during the initial price spike back in March.
While some experts believe the report out today from the Bureau of Labor Statistics will show inflation has peaked, unfortunately prices across the board may still remain high for some time.
“I don't think we get to the other side of this high inflation until the pandemic fades and the worst of the fallout from the Russia/Ukraine war is behind us." Mark Zandi, chief economist for Moody's Analytics, said. "I do think the inflation we're suffering through right now is probably a peak, the worst of it."
Republicans say the White House is to blame for high costs, while the Biden administration blames the war in Ukraine, the pandemic, and supply chain problems.
But brace yourself. Even if the report today does show inflation slowing, some experts predict gas prices could still go up more during the summer travel season.