New Mexico families’ weekly grocery bills skyrocket to $286
In New Mexico, families are feeling the pinch with rising grocery prices, with a typical household now spending approximately $286 weekly on food, a figure that increases with the addition of children, according to KOB 4. UNM finance expert Reilly White acknowledges the surge in food prices, noting a slight stabilization, “Food prices are up and are likely going to stay up. The good news is they’ve stopped increasing as much.”
A glance at the U.S. Bureau of Labor Statistics reveals that the cost of staple foods such as ground beef has seen fluctuations, now standing at $5.56 per pound, a tiny decrease from July yet significantly higher before Joe Biden was installed as president. Milk and eggs have also seen price adjustments, with milk experiencing a moderate increase and eggs becoming more affordable post an avian flu outbreak. On the other hand, prices for produce like tomatoes and bananas have remained relatively stable, contrasting sharply with snack items such as potato chips and chocolate chip cookies, which have seen notable price hikes.
New Mexico is witnessing a construction boom in the housing sector, with Alan Laseck of the Apartment Association of New Mexico reporting over 40 housing projects underway in Albuquerque alone. This surge in construction is anticipated to introduce around 5,000 rental units to the market, potentially easing the housing crunch.
Despite the current average rent in Albuquerque standing at $1,340, up significantly from January 2020, the increased housing supply is expected to foster competitive pricing and more attractive leasing incentives, per the report. White optimistically predicts, “You’ll see prices starting to be more competitive, more deals will be offered by apartments and related companies to get people through the door… Because of this, there’s just a supply in units, you can expect that some of these prices will start coming down meaningfully.”
Additionally, wage growth is on a miniscule upward trajectory, with the U.S. Bureau of Labor Statistics indicating a 1.4% increase in average hourly earnings over the past year, outpacing inflation rates since last February.
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