Inside Long Island Business

Get the latest news and trends on Long Island companies and the people behind them.

NY-area consumer prices rose 1.5 percent in December

Prices in the metropolitan area rose slightly last

Prices in the metropolitan area rose slightly last month on higher costs for electricity, health care and residential rents. These are LIPA lines at sunrise in Melville this month. (Jan. 11, 2013) (Credit: Newsday / Karen Wiles Stabile)

Prices in the metropolitan area rose slightly last month on higher costs for electricity, health care and residential rents.

The federal Bureau of Labor Statistics on Thursday reported its consumer price index for the 31-county region that includes Long island increased 1.5 percent in December compared with a year ago.

Prices were flat from November 2013.

Martin Kohli, the bureau's chief regional economist, said the year-over-year increase in consumer prices was driven largely by a 7.4 percent climb in the cost of electricity and 3.3 percent hike in residential rents.

Gasoline prices fell 2.6 percent in December from a year ago, while natural gas was down 11.2 percent.

The cost of food fell 0.3 percent, year over year.

Health care expenses were up 3 percent last month compared with December 2012. Clothing prices dropped 0.7 percent.

advertisement | advertise on newsday

advertisement | advertise on newsday