Lubbock National Bank this morning released October economic statistics for the Lubbock area. The Lubbock Economic Index dropped 6 tenths of a percent in October to 124.4. It was also down 2 tenths of a percent compared to October of last year. Taxable retail spending increased 2.3 percent in October compared to October 2009. However, the report states that the Lubbock economy remains in a post-recession holding pattern with sluggish spending and employment trends.
The Lubbock Consumer Price Index dipped slightly to .8%, compared to September’s .9% Inflation is still a concern in Lubbock, and rising agricultural commodities prices may cause some price increases in certain areas. The food/grocery CPI is in a state of price decline, continuing with a price decline year-over-year by about 4.2 percent for October, compared with September’s 4.0 percent. The housing CPI has dipped to 1.5 percent for October, down 2 tenths of a percent from September, and the health care CPI has fallen from September’s 4.4 percent to October’s 4.0 percent.
KFYO Local News 