Local consumer prices rose 1.5% in October over a year earlier
Residential rents jumped 2.9 percent last month compared with October 2018, according to the chief regional economist for the federal Bureau of Labor Statistics. Credit: Getty Images/Drew Angerer
Consumer prices in the metropolitan area rose modestly in October compared with a year earlier, in part due to higher housing costs.
The federal Bureau of Labor Statistics said Wednesday its consumer price index for the 25-county region that includes Long Island climbed 1.5 percent last month compared with October 2018.
Residential rents jumped 2.9 percent last month compared with October 2018, said Martin Kohli, the bureau’s chief regional economist.
The cost of medical care increased 4.9 percent in October, year over year. Education services, including school tuition and daycare fees, rose 4.3 percent.
Grocery prices rose 1.3 percent, while automobile insurance was up 0.2 percent.
Natural gas prices increased 5.6 percent last month compared with October 2018.
These increases were partially offset by declines in some energy costs. Gasoline prices fell 9.9 percent year over year and electricity costs dropped 5.9 percent.
The price of clothing was down 4.9 percent last month compared with October 2018.
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.
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