Metro area prices up 2.2% compared to a year ago, report shows
Consumer prices in the metropolitan area increased last month compared with a year earlier on the higher cost of gasoline and groceries.
The federal Bureau of Labor Statistics said Thursday that its consumer price index for the 25-county region that includes Long Island rose 2.2 percent in August compared with a year ago.
The year-over-year rise matched the increases of July and May. The last time the index climbed at a faster rate was March 2017, when it was up 2.3 percent, year over year.
Bureau economist Bruce Bergman said last month’s increase in prices was partially due to the cost of gasoline, which was up 19.1 percent from August 2017.
Natural gas prices also rose 9.4 percent.
The cost of groceries climbed 1.7 percent in August, year over year.
Medical care and residential rents were both up 1.8 percent, respectively.
These increases were partially offset by declines in the cost of clothing, 0.7 percent, and electricity, 0.2 percent, compared with August 2017.
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.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
