Natural gas is also driving up the cost of living in Lubbock. Lubbock utilities increased more than 23% in the past year.
The good news is that utility bills are on their way down. The Lubbock Economic Index shows a nearly 3% decrease in gas bills since December. The report also shows decreases in groceries, transportation and clothing.
Lubbock National Bank Senior Vice President Chip Gilmour says, "I think this really kicks starts 2006. I think we're off to a great start this year. We check the economic indicator every month and it's higher than it has ever been in the history of Lubbock."
Overall, however, the cost of living in Lubbock has increased nearly 4% in the last year.
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