NY-area consumer prices rise in February on higher food, energy costs

Consumer prices in the metropolitan area rose modestly in February compared with a year earlier on the higher cost of food and home energy.

The federal Bureau of Labor Statistics said its consumer price index for the 25-county region that includes Long Island increased 1.4% last month compared with February 2020.

Grocery prices climbed 2.6% last month, compared with a year ago. The biggest increases were for dairy products, up 3.9%, year over year, and nonalcoholic beverages, up 4.6%.

The cost of restaurant meals rose 4.9%.

Electricity prices increased 8.6% last month compared with February 2020 while natural gas prices were up 7.7%.

Residential rents climbed 0.8%, year over year — the smallest such increase since 1958. The bureau reported a similar development for January, attributing the small rise in rents to the pandemic.

These increases were partially offset by the 0.2% decline in the cost of gasoline. Also, clothing prices fell 0.8%, year over year.

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.