TODAY'S PAPER
70° Good Morning
70° Good Morning
Business

Consumer price index rises 1.5% in May in metropolitan area

The consumer price index for May showed a

The consumer price index for May showed a 0.7 percent drop in the price of gasoline, year over year.  Photo Credit: AP/Elise Amendola

Consumer prices in the metropolitan area rose modestly in May from a year earlier on higher costs for housing and food.

The federal Bureau of Labor Statistics said Wednesday its consumer price index for the 25-county region that includes Long Island increased 1.5 percent last month compared with May 2018.

Housing costs, including residential rent, climbed 2.2 percent from a year earlier. Rents were up 3.1 percent.

Grocery prices increased 0.7 percent in May compared with a year earlier. The biggest gain was for nondairy and nonalcohol beverages, up 3.1 percent.

Automobile insurance and alcohol prices rose 2.4 percent and 3 percent, respectively.

The cost of medical care was up 4.3 percent compared with May 2018.

The increases were partially offset by a 0.7 percent drop in the price of gasoline, year over year. Also, the cost of electricity was down 7.5 percent, while clothing fell 4.9 percent.

Comments

We're revamping our Comments section. Learn more and share your input.

More news