Inside Long Island Business

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

Rent, natural gas costs push metro area prices up

Increases in rent costs helped push metro area

Increases in rent costs helped push metro area prices up in June. (Credit: iStock)

Prices in the metropolitan area increased in June compared with a year ago because of higher costs for residential rent and natural gas.

The federal Bureau of Labor Statistics Tuesday reported its consumer price index for the 31-county region that includes Long Island rose 1.8 percent last month from June 2012. The year-over-year increase was the largest since March.

The cost of shelter climbed 2.2 percent in June compared with a year earlier as residential rents gained 3 percent, according to Martin Kohli, the bureau's chief regional economist.

Prices for natural gas and gasoline rose 6.1 percent and 0.8 percent, year over year, respectively. Groceries were up 2 percent and medical care, 3.5 percent.

advertisement | advertise on newsday

advertisement | advertise on newsday