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Across the country, rapid inflation has increased the cost of everything from food and gas to electronics and housing. Americans are struggling to pay for necessities while keeping up with their rent or mortgage, bills and other demands.
In North Texas, these trends have become a significant challenge for many of our neighbors. At United Way of Metropolitan Dallas, we’re working to mitigate the effects of inflation on individuals and families. By leading a movement to improve access to education, income and health, we are creating opportunity for North Texans to thrive—despite the difficult economic conditions.
Read on to learn more about how inflation is affecting our region, as well as some of the ways we work to uplift people throughout the community.
The consumer price index is a good indicator of how the price of goods is impacting individuals. The index is a measure of the average change over time in the prices paid by urban consumers for a variety of consumer goods and services.
Over the last 12 months, our region’s consumer price index has risen 9.1%—the largest increase since December 1981—according to the U.S. Bureau of Labor Statistics. The price of fuel and food are hitting North Texans the hardest. Energy prices have jumped 40.2% and food prices have increased 11.6% since summer 2021.
Meanwhile, the cost of rent in our region is up 17% year-over-year and 22.8% since the start of the pandemic, outpacing the national average.
For an average family in North Texas, that can mean spending hundreds or even thousands of dollars more every month to pay rent, buy groceries, cool their home and run errands.
As the cost of rent, goods and services continues to increase, North Texans need to make more money just to achieve a living wage. According to the Massachusetts Institute of Technology’s living wage calculator, an adult living in Dallas County with one child needs to make $33.62 an hour to cover basic expenses and have a little money saved for emergencies. Just last year, the hourly living wage for a single parent was $31.94—proof that the cost of living has risen sharply in our community.
Unfortunately, North Texas has a shortage of good-paying jobs, and every year more occupations require a degree or certification. As a result, 74% of young adults in North Texas don’t earn a living wage.
Understandably, the results of the current inflation crisis are particularly devastating for workers who don’t have a stable income and lack financial security. Inflation and rising prices have had a significant impact on buying power, especially for families that are food insecure. As a result, 800,000 people in North Texas face food insecurity, according to North Texas Food Bank. Meanwhile, rising rents have put even more of our neighbors on the brink of eviction.
Inflation can easily impact all areas of a person’s life, including our three focus areas of education, income and health. For example, higher transportation costs make it more expensive for parents to take their children to school, rising prices make it more important than ever that workers make a living wage, and factors like the cost of food make it more difficult to stay healthy.
At United Way of Metropolitan Dallas, we lead and invest in a variety of programs that create opportunity for North Texans. Together with our dedicated supporters, we are improving access to education, income and health, a mission that is as important as ever during these challenging times.
As Susan Hoff, chief strategy and impact officer at United Way of Metropolitan Dallas, explains, “Today’s astronomic inflation rates have a significant impact on North Texans, particularly those with low to moderate incomes. United Way helps hard-working families bridge the immediate gaps with programs that provide rental assistance, health insurance coverage, groceries and school supplies. And our job training and certification programs like Pathways to Work and Women in Construction offer long-term solutions, equipping adults to get and keep living-wage jobs.”
Take a look at how many of our programs are having a positive impact on our neighbors during this time of historic inflation:
Amid rampant inflation, so many of our neighbors could benefit from support from the community. We invite you to join our movement and create opportunity for all North Texans.
You can have a direct impact on workforce development in our region by:
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