Metro area consumer costs creep up, despite lower gas prices
People shop inside the deli and bakery section of the North Shore Farms grocery store in Commack, Friday, Oct. 3, 2014. Credit: Steve Pfost
Consumer prices in the metropolitan area increased moderately last month compared with a year earlier, edging upward on higher housing costs.
The federal Bureau of Labor Statistics reported Thursday that its consumer price index for the 31-county region that includes Long Island rose 1.3 percent in October compared with the same time a year ago.
Martin Kohli, the bureau's chief regional economist, said October marked the tenth month in a row when the index gained 2 percent or less, year over year. He said higher residential rents were offset by lower prices for gasoline and natural gas last month.
Residential rents climbed 2.9 percent compared with October 2013, while the cost of gasoline and natural gas fell 5.5 percent and 12 percent, respectively.
Electric rates were up 3.3 percent, year over year.
Grocery prices rose 2.5 percent last month compared with a year earlier. The cost of restaurant meals increased 3.8 percent, the largest year-over-year gain since June 2009, Kohli said.
The cost of medical care climbed 2.8 percent compared with October 2013.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
