The New York Comptroller revealed Friday that consumer prices grew 6.1% in the New York City metro area in March 2022 compared to the same month a year ago, driven by double-digit increases in energy and transportation costs, according to an analysis by the United States Bureau of Labor Statistics (BLS).
Despite lagging inflation nationally and in other large metropolitan areas, price increases in the New York City metro area appear poised to outpace earnings growth, Comptroller Thomas DiNapoli said. it’s a statement.
“Monitoring rising prices and consumer response to these changes is necessary to understand the state’s economic outlook and the potential effects on its fiscal landscape,” DiNapoli said in a statement. communiqué.
“While the Federal Reserve Board has begun to act, global supply chain challenges and the effects of geopolitical instability on commodity prices are likely to continue to push prices higher in the near term. My office will continue to look at how inflation is affecting New Yorkers as the state and nation grapple with a changing public health and economic environment.”
Consumer costs in the New York City metro area have risen most steeply for energy, transportation, recreation and food, according to the report.
While some price increases may moderate in the coming months, near-term expectations for persistent inflation remain high. Consumer spending habits have already changed and rising prices for essential household items like housing and food will limit purchasing power and squeeze household budgets in the absence of stronger wage growth. DiNapoli noted.
DiNapoli’s analysis of the Consumer Price Index (CPI) for the month of March includes:
- Annual percentage changes in transportation, food, and housing costs.
- Comparisons of New York City Metropolitan Area CPI Changes to Selected Metropolitan Areas in the US.
- Consumer price growth since the same month of the previous year in the New York metropolitan area and the US since 2020.
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