Housing costs help boost metro prices 2.2% annually
Consumer prices on Long Island rose a moderate 2.2 percent in the past year; housing costs contributed to the rise. Credit: Jessica Rotkiewicz
Housing costs gave a moderate boost to consumer prices in the metropolitan area in the past year.
The federal Bureau of Labor Statistics reported Friday that its consumer price index for the 25-county region that includes Long Island climbed 2.2 percent in July from the level in July 2017.
It was the largest year-over-year increase since May.
“Price increases for shelter drove the 12-month change” between July 2017 and last month, said the bureau’s Chief Regional Economist Martin Kohli.
The cost of housing, including rents, was up 2.1 percent last month, year over year.
Grocery prices rose 1.6 percent in July, year over year.
The cost of gasoline climbed 23.3 percent. Natural gas and electricity were up 10.8 percent and 1.6 percent, respectively.
Medical care prices increased 1.7 percent last month compared with July 2017.
These higher costs were partially offset by lower prices for clothing, down 2.9 percent, household furnishings, 0.8 percent lower, and recreation, down 0.3 percent, year over year.
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