Consumer price index rises in February

Consumer prices in the metropolitan area rose modestly in February compared with a year earlier on higher housing costs.

The federal Bureau of Labor Statistics said Tuesday its consumer price index for the 25-county region that includes Long Island rose 1.3 percent last month compared with February 2018. It was the smallest year-over-year rise since October 2016. 

Residential rents climbed 2.5 percent last month compared with a year earlier. Grocery prices were up 1.7 percent. The cost of natural gas climbed 4.4 percent in February compared with a year earlier, while gasoline prices fell 9.8 percent. Electricity prices were down 1.3 percent.

The cost of health care increased 3.5 percent year over year. Tuition, school fees and day care charges rose 3.3 percent last month compared with February 2018. Car insurance premiums were up 2.5 percent, while clothing prices fell 2.3 percent.

By James T. Madore

james.madore@newsday.comJamesTMadore

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.