In the greater New York area, higher prices for energy and shelter helped inflation edge up 0.2 percent in May compared to April, the U.S. Bureau of Labor Statistics reported Thursday morning. &nbsp; However, the Consumer Price Index, up 2.2 percent compared to a year ago, also reflected lower food prices--especially for cheese, ice cream and tomatoes. <a href="http://www.newsday.com/news/consumer-prices-dip-again-break-for-shoppers-1.2030447" target="new">Here are the details.</a> 
-------------------- Read more of <a target="new" href="http://www.newsday.com/business/inside-long-island-business-1.811933">Inside Long Island Business</a> 
&nbsp;

In the greater New York area, higher prices for energy and shelter helped inflation edge up 0.2 percent in May compared to April, the U.S. Bureau of Labor Statistics reported Thursday morning. However, the Consumer Price Index, up 2.2 percent compared to a year ago, also reflected lower food prices--especially for cheese, ice cream and tomatoes. Here are the details. -------------------- Read more of Inside Long Island Business

Business

Ice cream does its part for economy

Newsday

Business Trending

Prices at the pump are rising on Long Island faster than other areas, but fuel is still cheaper than it was at this time last year.

Gas prices on the rise on LI

Most Popular

Latest Videos

Latest videos

The search for human remains continued Thursday in the Manorville area that sources say is connected to the Gilgo killings investigation. NewsdayTV's Shari Einhorn reports.

'It's unnerving'

Whether or not you are a fan of old-school science fiction, the genre is making a comeback on TV. NewsdayTV's Steve Langford reports.

'I don't think it was ever gone'

NewsdayTV's Macy Egeland reports from Manorville as police search a wooded area. The search is in connection with the Gilgo Beach homicide investigation, officials say.

On the scene in Manorville 

Rachel Lodice, 21, from Jericho, on Wednesday pleaded not guilty to multiple charges after allegedly causing a fatal crash in Massapequa and driving off in a public safety vehicle that had stopped to help the victims, police said. NewsdayTV's Shari Einhorn reports. 

'It is unfair'

The state has detected high levels of a carcinogenic heavy metal at a West Islip Superfudn site, four years after a cleanup of the area.

Polllution concerns, again

Sign up for the Daily Business newsletter

Business Newsletter Widget

The median sale price increased to $630,000 on Long Island, excluding the East End, during the first quarter.

Median home price rises 10% on LI, even more in the Hamptons

Business Article Bottom Module

The Federal Trade Commission has voted to restore rules to prevent broadband internet providers such as Comcast and AT&T from favoring some sites and apps over others — for instance, by slowing or blocking certain content or by offering higher speeds to customers willing to pay extra.

Net neutrality restored as FCC votes to regulate internet providers

Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months.

Average long-term U.S. mortgage rate climbs above 7% to highest level since late November

Google's corporate parent Alphabet Inc. has released a quarterly report showing it's still reaping double-digit revenue gains from its digital advertising empire while sowing potentially lucrative new ground in artificial intelligence.

Google parent reports another quarter of robust growth, rolls out first-ever quarterly dividend

More people are using so-called Earned Wage Access apps to get money to pay bills and buy groceries in between paydays.

These apps allow workers to get paid between paychecks. Experts say there are steep costs

President Joe Biden has arrived in New York state to celebrate a tech company's plans to build a campus of computer chip factories made possible in part with government support.

Biden celebrates computer chip factories, pitching voters on American 'comeback'

The nation's economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace.

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates

Business Video Playlist

Newsday's Jonathan LaMantia gives us an update on the median price for homes on LI 

'A lot of competition for homes'

Old school office equipment is not a thing of the past at American Classic Ice Cream or its sister business, All Star Carts & Vehicles, in Bay Shore. NewsdayTV's Steve Langford reports.

'Sometimes the older is better'

Aldi and other discounters' growth is being helped by a growing number of consumers in search of savings amid elevated grocery prices, retail experts said.

Bethpage, Lake Ronkonkoma, other LI spots to get an Aldi

New York filed a federal lawsuit against Citibank after scammers wiped out some customer accounts. NewsdayTV's Chris Kahn reports.

Bank transfer fraud spikes

According to bankruptcy court filings, Rite Aid plans to close 53 more drugstores, including four on Long Island.

Where closures are happening

Home insurance prices are going up this year, especially on LI. We could see an increase anywhere from 10% to 30%. Newsday's business reporter Jonathan LaMantia reports.

Home insurance prices are going up

The Target will occupy the former Sears in the Lake Success Shopping Center in New Hyde Park.

LI's newest Target to open in April

Raising Cane's would go on the site of the recently demolished Chateau Briand Caterers in Carle Place, making it one of four planned Long Island locations for the chain.

Fast-casual chicken chain plans Carle Place entrée

A dealer of vintage cars in Farmingdale is steering customers to the classics while adapting to the times.

Candy store for classic cars

Courses in artificial intelligence at Farmingdale State College will start in the fall, making the school the first in the SUNY system to offer a bachelor's degree in AI.

A 1st for SUNY: Bachelor's in AI coming to Farmingdale

"I was in shock," said Merrick resident John Patti about possibly losing access to longtime doctors. But on Tuesday, there was relief, as UnitedHealthcare and Mount Sinai reached a contract agreement.

Patients relieved

To prevent bitter buyers, a more than 20-year-old law is getting a refresh. The Property Condition Disclosure Act makes home sellers fill out an official form detailing any issues with the property. NewsdayTV's Ken Buffa reports.

'If I knew then what I know now there's no way I would buy this home' 

<a href="https://www.newsday.com/video/newsdaytv-top-stories">Get more on these and other NewsdayTV stories</a>

Newsday TV

NewsdayTV Top Item

Business - megaslot

What's happening with Long Island companies, Nassau & Suffolk small businesses, plus stock market updates.