CORPUS CHRISTI, Texas — The recent 0.5 percent prime interest rate cut was supposed to ease the stress some of our wallets are under.
But as local economists have found, that hasn't really been the case.
"We started servicing maybe 200 cars for our distributions here," said Coastal Bend Food Bank Executive Director Bea Hanson said. "We're up to 450, and it's not slowing down. In fact, we're having a new program to help the elderly because they have been hit very, very hard."
The cut was meant to cut rates for loans across the country, but that hasn't translated to helping typical families at the grocery store.
Hanson said that car count is the weekly picture for those visiting the food-bank distribution events.
A local economist said inflation has hit the average family with an almost 30 percent increase, while most people only get 2 or 3 percent raises each year.
"If you're in Texas, what it takes to make ends meet is an income of $43,500," said Texas A&M University-Kingsville Economics Department chairman Thomas Krueger. "Two years ago, it only took 34,000. So we have a 27% increase."
Krueger said to keep up with that inflation, each person would need to make $8,000 more.
"If we have two people -- a husband and a wife that are living together and they are providing income equally -- they would each, on average, have to, today, have about an income of $30,000."
But Hanson said it's not just higher prices. It's also unhealthy decisions.
"Unfortunately the, the food that has, is, is more affordable also is probably very high in calories," she said. "And, you know, people are using this, it will take care of their hunger, but it's not good for their health."
There is good news, though: Krueger said the half-percent prime-rate cut has helped stabilize the economy, though, and will lead to lower prices by the end of the year.