Consumer price index rises 1.5% in May in metropolitan area
The consumer price index for May showed a 0.7 percent drop in the price of gasoline, year over year. 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.
James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.
