Consumer prices in New York City and surrounding areas jumped nearly 1% in January, driven by increases in energy and other areas. However, food prices remained stable despite high-profile increases in grocery items like eggs. Energy prices surged 2.6% with gas prices up 1.7%. While year-over-year food prices rose 1.7% and energy prices increased 3.3%, shelter costs continue to be a major concern in the region.
Everything keeps getting more expensive in NYC—eggs, baked goods, electricity—as consumer prices in the Big Apple and nearby areas jumped nearly 1% last month, according to a government report released on Wednesday.However, food prices remained unchanged in January, as prices at home and dining out were flat. The information comes as a surprise, as high-priced grocery items such as eggs continue to dominate the headlines.Meanwhile, energy prices increased 2.
But shelter is a big issue in the New York area and across the nation, according to Bruce Bergman, an economist at the BLS, which is part of the U.S. Department of Labor. “Locally rent increases are still somewhat elevated,” he said. “Residential rent was up 5.5% over the year, compared to 4.2% nationwide. And the New York number is not that far off from what it was in 2023 and 2024. In contrast, shelter and rent increases have decelerated faster nationally than in the New York area.”“But even among other expenditure items, we are seeing higher local price increases—the ‘all items less shelter’ index was up 3.1% in New York, compared to the 2.
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CONSUMER PRICES INFLATION NEW YORK CITY FOOD PRICES ENERGY PRICES
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