Eh, braddahs an sistahs! Da Honolulu inflation wen go down small kine 3.3% aftah da Federal Reserve wen stay work hard fo’ raise interest rates. ?
Oahu stay seein’ da inflation rate go down from 5.2% befo’ to now 3.3% aftah March, based on top da U.S. Bureau of Labor Statistics. Da consumer prices wen go up 0.6% ova da last two months. Da Honolulu numbers stay following da national trend, wea da prices wen rise 5% in March compared to last year an’ wen go up 0.1% from February to March. ?
Eugene Tian, chief economist fo’ da state Department of Business, Economic Development and Tourism, say dat Honolulu inflation stay slowin’ down since May 2022. ? Da kine 3.3% inflation rate in March stay right wea dey was tinking goin’ be. Da DBEDT stay predicting 3.1% inflation fo’ 2023. Inflation was choke high at 7.5% one year ago, da highest in 40 years. Dey stay expectin’ da Hawaii inflation rates fo’ be around 2% to 3% in da comin’ months. ⏳
Even dough da inflation rate stay goin’ down, no mean da prices stay gettin’ mo’ cheap. Energy wen go up 5.4% from befo’ wit electricity prices shootin’ up 15.7%. ? Da cost fo’ clothes stay up 15.4%, food an’ drinks wen go up 4%, an’ housing wen increase 1.9%. ?
But, we stay gettin’ some good news in oddah areas. Energy wen fall 3.5% ova da last two months wit electricity goin’ down 4.1%. Gasoline prices wen go down 3.2% ova da same time, an’ food an’ beverage costs wen decrease 0.2%. Da cost fo’ housing wen go up just 0.8%. ?
Fed officials stay tinkin’ get one more quarter-point hike coming next month. “I tink da Fed goin’ slow down an’ reduce da kine magnitude fo’ raisin’ interest rates dis year, even dough da interest rate still stay highah den da (Fed’s) target rate of 2%,” Tian said. “Dis might help us no get economic recession. Da inflation data stay good news.” ?
Local braddah Greg Tiburcio, 67, wen say he gotta be mo’ careful how he spend his money cuz stuff stay more expensive now. He gotta plan betta so he no waste too much on gas. ?
Larry Masuno, 74, stay sayin’ he stay affected “minimally” by da rising costs. Dey no go out fo’ eat dat much cuz food prices stay high. So, dey try fo’ eat in more. ?️
Kailua resident Paul Levitt stay sayin’ inflation no really affect him. He stay goin’ Paris soon, an’ he mention how plenny peeps wen save money during COVID-19 time cuz no had nottin’ fo’ do. ?
Tian stay sayin’ dat Honolulu inflation stay below da national level an’ goin stay like dat fo’ da next few years. “Da reason stay cuz Hawaii still recovering from da kine recession caused by COVID, while da U.S. economy stay all good now,” he said. “Hawaii’s lowah inflation stay mostly cuz of housing. Inflation in rent fo’ primary residences in Hawaii stay lowah den da U.S. during da pandemic. In March, da rent fo’ primary residences in da U.S. wen go up 8.8%, but Hawaii rent wen only go up 2.0%.” ?️
Paul Brewbaker, one economics guy from TZ Economics, stay sayin’ Honolulu’s kine decline in inflation stay “exactly wat I expected.” ? He stay talkin’ about how some peeps wen tink all kine bad tings goin’ happen cuz of inflation, but insteada dat, his idea of one inverted V-shaped trajectory stay coming true.
Fo’ Honolulu, da inflation stay start aftah March 2021, aftah two years of too much money goin’ around. Brewbaker stay tinkin’ maybe $4 trillion in stimulus would have been enough, but we wen get $5 trillion between March 2020 and March 2021. Honolulu inflation wen stay da highest in March 2022 an’ no stay all pau yet in March 2023. ?
So, dat’s da scoop, braddahs an’ sistahs! Inflation stay goin’ down, but we still gotta be smart wit our money. No matta wat, we goin’ make it! Hawai’i strong! ???
NOW IN ENGLISH
?Honolulu Inflation Drops to 3.3%: Better Prices Ahead! ?
Good news, everyone! Honolulu inflation has dropped to 3.3% after the Federal Reserve’s persistent efforts to raise interest rates. ?
Oahu’s inflation rate has decreased from the previous 5.2% to 3.3% after March, according to the U.S. Bureau of Labor Statistics. Consumer prices increased by 0.6% over the past two months. The Honolulu numbers are following the national trend, with prices rising 5% in March compared to last year and increasing 0.1% from February to March. ?
Eugene Tian, chief economist for the state Department of Business, Economic Development and Tourism, said that Honolulu inflation has been slowing down since May 2022. ? The 3.3% inflation rate in March was in line with their expectations. The DBEDT projected a 3.1% inflation rate for 2023. Inflation was quite high at 7.5% one year ago, the highest in 40 years. They are expecting Hawaii’s inflation rates to be around 2% to 3% in the coming months. ⏳
Even though the inflation rate is decreasing, it doesn’t mean prices are getting significantly cheaper. Energy prices increased by 5.4% compared to last year, with electricity prices skyrocketing 15.7%. ? The cost of clothing went up 15.4%, food and beverages increased by 4%, and housing costs rose by 1.9%. ?
However, there is some good news in other areas. Energy costs fell by 3.5% over the past two months, with electricity dropping by 4.1%. Gasoline prices went down by 3.2% over the same period, and food and beverage costs decreased by 0.2%. Housing costs only increased by 0.8%. ?
Fed officials are considering another quarter-point hike next month. “I think the Fed will slow down and reduce the magnitude of raising interest rates this year, although the interest rate is still much higher than the (Fed’s) target rate of 2%,” Tian said. “This may help us avoid a possible economic recession. The inflation data is good news.” ?
Local resident Greg Tiburcio, 67, said he has had to be more cautious about how he spends his money because things have become more expensive. He has had to plan better to save on gas. ?
Larry Masuno, 74, said he has been affected “minimally” by the rising costs. They don’t eat out as much because food prices are high, so they try to eat in more. ?️
Kailua resident Paul Levitt said inflation hasn’t had much of an impact on him. He is going to Paris soon, and he mentioned how many people saved money during the COVID-19 pandemic because there was nothing to do. ?
Tian said that Honolulu inflation has been below the national level and will continue to be so for the next few years. “The reason is that Hawaii is still recovering from the recent recession caused by COVID, while the U.S. economy has fully recovered,” he said. “Hawaii’s lower inflation is mainly due to housing. Inflation in rent for primary residences in Hawaii has been lower than the U.S. during the pandemic. In March, rent for primary residences in the U.S. increased 8.8%, while Hawaii rent increased only 2.0%.” ?️
Paul Brewbaker, principal of TZ Economics, said Honolulu’s continued decline in inflation is “exactly what I expected.” ? He discussed how some people thought many negative things would happen due to inflation, but instead, his idea of an inverted V-shaped trajectory has come true.
For Honolulu, inflation started after March 2021, following two years of excessive fiscal stimulus. Brewbaker believes maybe $4 trillion in stimulus would have sufficed instead of the $5 trillion between March 2020 and March 2021. Honolulu inflation peaked in March 2022 and has not completely dissipated through March 2023. ?
So, that’s the story, folks! Inflation is going down, but we still need to be smart with our money. No matter what, we will make it through! Stay strong! ???
